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Northampton Mortgages

Comparing Northampton mortgages is easy if you have a few minutes to spare and a desire to save money, so take some time to conduct home loan comparisons. When it comes to investing in a property, just as any other major investment, it is important to save money where ever possible. All too often, prospective home buyers in Northamptonshire take the first mortgages offered to them by a reputable bank or other financial institution because they falsely assume interest rates are generally the same regardless of where you borrow. The truth of the matter is that lenders are competing for the business of interested property buyers and there is no reason anyone should pay more than the best interest rates in the country.

Moving to Northampton

Relocating to a new place is a fun and exciting change no matter what stage of life you are currently entering. Whether you are a young student beginning your first year at the University of Northampton, a professional looking for a career switch and a change or scenery or a state pension beneficiary ready to embark on a relaxing retirement, there is something for everyone in this market town. As you review all of your living options in Northampton, you will quickly realise that you do not have to spend outside of your means in order to enjoy a comfortable lifestyle.

As Northampton grows and changes, so does the economy. Originally a shoe, boot, clothing and cosmetics manufacturing centre, the city has adopted more modern industries in recent years. Today, people from all over the United Kingdom relocate to Northampton for careers in the financial services, public administration and distribution trade fields. A greater population density means more housing developments and advanced progress, but it can also mean heightened competition for prime living spaces. In order to secure the right place for your needs, you should begin comparing Northampton mortgages as soon as possible.

Self Build Mortgages

Some residents may choose not to purchase an already existing structure and instead may opt to build their own dream home. By taking matters into your own hands, it is much easier to enjoy exactly the sort of home you want. However, with the flexibility of building your own home comes the additional expenses and time commitments. In order to make the home building experience easier, lenders in England offer self build Northampton mortgages.

Self build mortgages are Northampton mortgages that take into the account the additional costs required to build a home from the ground up. Generally, in order to obtain this sort of mortgage loan and reduce the riskiness or the lender's investment, you must be willing to hire professional developers and designers to complete the house building project. Because these Northampton mortgages are specialised, borrowers may face higher interest rates. However, there are many benefits to building your own property that can far outweigh the additional costs of these mortgages.

Whether you select standard self build mortgages or advanced flexible self build mortgages, there are multiple advantages. One of the best benefits of self build Northampton mortgages is that your property's final value will generally be much greater than the total cost of the build - usually around twenty five percent more. Another benefit is that people who build their own properties only have to pay the stamp duty land tax on the land itself, but not on the structure they build.

100 Percent Mortgage Opportunities

If you are purchasing a property for the first time, you are not alone. Many East Midlands residents select Northampton as their destination for settling down to raise a family. Young families and single professionals alike have sought out Northamptonshire as the location for their first property purchase. As a first time buyer, you will quickly understand that many lenders are eager to offer you a wide variety of benefits.

One of the most popular types of Northampton mortgages for first time buyers is the 100 percent mortgage. Unlike typical mortgage loans, a 100 percent mortgage does not require the borrower to make any down payments and thus increases the purchasing power of the mortgage borrower. However, the number of major lenders who offer this type of mortgage has slowly dwindled and now these Northampton mortgages are only available to people who name a guarantor, which is the person who will be responsible for covering the payments if the borrower is unable to make payments.

One disadvantage to this sort of loan is that the interest rates are usually higher. Generally speaking, if you pay a larger down payment, you will benefit from lower interest rates. However, if you do not pay a down payment at all, the mortgage lender must recoup this cost elsewhere and that is usually done through higher interest rates. Like any other types of Northampton mortgages, the more you shop around, the better your chances of locating an affordable loan.