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Portsmouth Mortgages

Portsmouth mortgages make it easy for South East England residents to invest in prime property on this beautiful island city. For centuries, Portsmouth has stood as a well known naval port and continues to serve as one of the most important naval bases in the United Kingdom. With its beautiful ocean views and rich history, it's no wonder this port city is the only city in England that boasts a greater population density than London. If you are looking to secure your own property in this prominent and exciting city, then you should take a few minutes to consider comparing loan rates of Portsmouth mortgages.

Entrepreneurship and Mortgage Lending

In Portsmouth, and throughout much of the country, people are looking to start their own business ventures. It takes a special sort of person to start a business, and the road to success is not always an easy one. Being a small business owner take tenacity, dedication and a certain amount of savvy investing. If you own your own company, or you are self employed, you will find that applying for mortgages is much different than for the vast majority seeking residential Portsmouth mortgages. For entrepreneurs and self employed Portsmouth residents, lenders have created commercial and self certified mortgage loan opportunities.

Commercial Mortgage Loans

Starting a business in this area of Hampshire is a smart choice. Portsmouth is home to a thriving urban area, a vibrant nightlife and multiple tourist attractions. Whether you are looking to purchase property for a restaurant, bar, night club, or even as an office space, you can ensure you are making a worthwhile and intelligent investment. Although the market is largely unpredictable, it is very likely that the value of property in the Portsmouth area will only continue to rise.

Many small Hampshire companies exist in the home offices and cellars of residential properties, but there comes a time when a business has grown beyond these spaces and business owners must invest in a property where employees can congregate and new ideas can form. As a business owner, you must seek out not only the most affordable property for your budding enterprise, but you must also ensure the space you purchase will promote growth, production and a more lucrative future.

Once you have found a property you are interested in purchasing for business purposes, you must obtain a commercial mortgage loan. Most lenders understand that small business owners need all of the financial help they can get. Even though these specialised mortgages generally come with a higher interest rate and higher down payment than residential Portsmouth mortgages, it is still possible to find some very affordable deals by taking time to compare mortgage interest rates before you buy. Not to mention, the interest paid on commercial mortgages is generally tax deductible, and this can save proprietors quite a large sum of money.

Self Certified Mortgages

Whether you own your own business or you work as an independent contractor, you have likely realised that you are considered much different in a number of financial situations, such as when paying taxes. Portsmouth mortgages is another area in which you will be considered differently. When lenders of Portsmouth mortgages begin considering an applicant for a consumer mortgage, they review a number of factors. An applicant's income is arguably one of the most important pieces of criteria a lender reviews before deciding whether or not to loan an applicant money for a property. Generally, lenders will request wage slips and other such documentation as proof of an applicant's income.

Portsmouth residents who are self employed do not carry such documentation and do not have wage slips to provide to mortgage lenders. In order to ensure self employed people can obtain Portsmouth mortgages to purchase the properties they desire, self certified mortgages were created. Unlike other types of mortgages, a self certified mortgage does not require proof of income. Because a lender has no way to prove the borrower's income and financial worth, the lender is taking on an additional risk. However, lenders generally make up for this risk by charging higher interest rates.

The good news is that there are a few ways in which borrowers can enjoy lower interest rates. Firstly, if you agree to pay a higher deposit on your Portsmouth mortgages, lenders will generally agree to a lower interest rate. Secondly, you can always choose to remortgage your home. For example, if your circumstances change or you are able to locate cheaper rates through another lender, you may choose to repay your current mortgage with another mortgage. However, the best method for ensuring you have an affordable mortgage loan with competitive rates is to shop around. Portsmouth mortgages are a competitive market and consumers should take advantage of every opportunity to save money on their investment.