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Self build mortgage |
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Self build mortgageMortgage for those who wish to build their own home, renovate or convert their existing home. Funds are normally released in stages as work progresses following a satisfactory progress report from an architect.Self build mortgage Similar MatchesMortgage application feeMortgage application feeA charge purely for applying for a mortgage. Paid to the lender upfront at the time of application it is usually between £100 and £300.This type of fee is becoming less common than an arrangement fee. As with arrangement fees, this type of mortgage fee is usually found with the special deals from lenders possibly to restrict the number of applicants by only attracting serious buyers. Some of the time this fee is refunded on completion of the mortgage. Non status mortgageNon status mortgageMainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan. The main groups of people that opt for self-certification mortgages are: self-employed and unsalaried company directors, contract workers (increasingly common in technology-based industries), commission-based workers (often in sales, recruitment etc.), people with seasonal earnings. The interest rate you are charged will be higher to compensate the lender for the increased risk. Mortgage BondsMortgage BondsBonds issued by corporations, which offer first mortgages on real property of the corporation as security for the payment of the bonds. Junior mortgageJunior mortgageA mortgage that will be satisfied only after more senior mortgages have been satisfied. E.g., a first mortgage will be satisfied prior to a second or a third mortgage. Growing Equity Mortgage (gem)Growing Equity Mortgage (gem)A fixed rate, graduated payment loan allowing low beginning payments and a shorter term because of higher payments as the loan progress. Based on the theory of increasing income by the buyer and, therefore. ability to make higher future payments. When state law applies, usury laws in some states may not presently allow such loans when less than interest only payments create interest on interest. Further SuggestionsMortgage CompanySecondary Mortgage Market Guaranteed Mortgage Certificates (GMC) Shared Appreciation Mortgage (SAM) Stepped discount mortgage Private Mortgage Insurance Insured Mortgage Assumable mortgage Mortgage Life Insurance Blanket Mortgage Council of Mortgage Lenders Cap & collar mortgage Stepped fixed rate mortgage repayment mortgage second mortgage Interest only mortgages Mortgage arrears All inclusive Trust Deed (wrap around mortgage) Stripped mortgage backed securities (SMBS) senior mortgage bond Mortgage incentives Residential mortgage Mortgage advance Euro mortgage Collateralized mortgage obligation (CMO) |
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