Types of Mortgage Loan
There are different types of mortgage loan available to you, including secured and unsecured loans. At Stuart Brown Mortgage Services, we can ensure that you find the right loan to fit your needs.
An unsecured loan is exactly as it sounds, not secured against property or anything else. It is this type of loan that is most commonly used to buy a car, consolidate existing credit, pay for a dream holiday or anything else you want! Our mortgage brokers can provide you with unsecured loan advice so you are aware of how this will work.
The Term available is usually from 1 to 7 years.
Cost per month is dependent upon APR which in turn is subject to status, loan amount and term.
Secured Mortgage Loan
This type of loan is often available from £10000 upwards and is secured against property. Again, the APR available will be dependent upon the status of the applicant and several other factors.
A secured mortgage loan is usually over a much longer period i.e. similar to a typical mortgage term. As a result, the payments can be lower than they would be under an unsecured loan but much more interest will be payable overall due to the longer term. We can provide you with secured loans advice so you understand how it works.
Secured loans also tend to be offered at higher rates than a traditional mortgage, are not so readily available and just like a traditional mortgage are secured against your home. Your home is therefore at risk if the loan is not maintained satisfactorily.
Each of these types of finance do serve a distinct purpose, like other types of credit you should carefully consider affordability and your circumstances (both now and in the future) before committing yourself.
Further details of second charge mortgage loans and their typical purpose are covered in the next page
Please call us so that we can talk you through the mortgage loan types on either, Herts: 01442 252 040 or Beds & Bucks: 01525 877 650 or Mobile: 07710 770 969. You can also email us at firstname.lastname@example.org
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.
Mortgages from over 50 lenders
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“Stuart and Sharon have arranged a buy-to-let mortgage, a mortgage for our first home together, a re-mortgage and have now helped us port over our mortgage to a new house. The service they have provided has been consistently amazing, especially as our purchases have never been straight forward. I would recommend them to anyone.” Dominic, Surrey
“Stuart was recommended to me by a friend and I would certainly continue that recommendation. He is very thorough and ensures you know all the options. Stuart makes the process clear and you feel informed the whole way. Thanks Stuart” Danielle C, Hemel Hempstead
“Stuart is an expert in his field, giving great objective advice after careful and deliberate diagnosis of what we were after. I can confirm he is also a very patient man. Highly recommended!” Alex C, Leighton Buzzard
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