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Mortgages are loans which are intended to help buyers purchase residential and commercial property. When an individual takes out a loan, the lender charges interest: the same is true of a mortgage.
A mortgage is a ‘secured’ loan, which means that the loan is secured against the value of the property being purchased until the mortgage is paid off. Sources of residential mortgages include high street banks, building societies and other types of less well known financial institutions.
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you.
It can provide the reassurance of financial protection for you, your family and your business associates.
A Life Assurance policy pays out a sum of money when the person who is covered by the plan dies.
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious long-term financial implications for you and your family.
Most people will be aware that Health Insurance can cover the cost of private medical treatment for any acute conditions you may suffer in the future - from something as simple as a broken bone to more serious conditions like a heart attack or cancer.
A Second Charge mortgage is, as the name suggests, a separate and additional mortgage to the homeowner’s main (or first) mortgage.
Second charge mortgages (sometimes known as ‘Homeowner Loans’) are loans which are secured against the borrower’s residential property, and as such, are available only to homeowners. In common with remortgages, second charge mortgages are sometimes used by homeowners to raise money.
When considering a second (‘further’) advance, the lender will take into account the value of the borrower’s home, less any mortgage owed on it. The difference between the two amounts is known as ‘equity’ and provides the lender with security against the loan. If for example, the home is estimated to be worth £300,000 and the amount remaining to be paid on the mortgage is £100,000, the equity is £200,000. In addition to the amount of equity that’s available, the lender will consider the borrowers’ ability to service both mortgages if interest rates were to rise.
By taking a second mortgage, the homeowner will have two mortgages on his or her home. In common with a first mortgage, the borrower’s home will be at risk if he or she fails to keep up the mortgage payments.
When the property is sold, or the homeowner moves to a new home, the amount owing on the first mortgage must be repaid in full before anything is paid off the second mortgage.
Generally speaking, lenders charge a higher rate of interest on second charge mortgages than they do on first or main mortgages. The rate of interest (which may fixed or variable) can also depend on the size and term of the loan, the homeowner’s credit rating and the amount of equity that exists in the home.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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Purely Financial Planning LTD is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.
PRIMIS Mortgage Network is a trading name of the following companies which are registered in England and Wales, and are authorised and regulated by the Financial Conduct Authority: Advance Mortgage Funding Limited (Co. No: 2217569 ) (FCA No: 305008); First Complete Limited (Co. No: 05416236 ) (FCA No.: 435779); and Personal Touch Financial Services Limited (Co. No.: 03406454) (FCA No.: 187834).
Registered Office Addresses: Advance Mortgage Funding Limited and First Complete Limited: Newcastle House, Albany Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YB; Personal Touch Financial Services Limited: 2nd Floor, Gateway 2, Holgate Park Drive, York, YO26 4GB.
Purely Financial Planning Ltd is registered in England and Wales under registration number: 8474750. Registered Office: Hersham Technology Park, Molesey Road, Walton-on-Thames, Surrey, England, KT12 4RZ T: 01932 213055
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Client Testimonials
I just wanted to say a big thank you on behalf of myself and John for sorting out our mortgage. You made the process so straight forward and smooth and found the perfect mortgage for us!
We have always dreaded when our mortgage deal comes to an end as it involves lots of stressful research and paperwork!!
I cannot recommend Purely Financial enough. I approached them with a complex financial matter through a recommendation and the service was above and beyond any expectations. They were extremely efficient and professional throughout and would have no hesitation in recommending them. I would like to say a personal thank you to you all also for making this such a swift transaction.
I was referred to Purely Financial as i was seeking a mortgage for myself and for my wife. Andrew was quick to respond and very informative of the products available. He drove to meet us in Guildford and instantly put our minds at ease. He helped us and guided us to a product that we were very happy with. The knowledge that the whole team at Purely financial have is second to none and really puts them in my eyes, head and shoulders above anyone else that we spoke to. From start to finish the Purely financial team were brilliant and I have since recommended them to several friends and I shall continue to use them in the future
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Purely Financial Planning Ltd
Technology Park
Molesey Road
Walton-on-Thames
Surrey
KT12 4RZ
T: 01932 213055
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