Mortgages are loans that are taken out by individuals who wish to purchase a property and require additional funds to meet the sellers asking price.

Securing a mortgage will depend upon numerous factors such as property surveys, credit reports, cash deposits and annual income.

What is a mortgage?

High risk mortgages

A mortgage is applied for when an individual would like to buy a property but does not have the full asking price available to pay for the purchase outright. Securing a mortgage will be dependent upon numerous factors such as property surveys, credit reports, cash deposits and annual income, to name but a few.

There are different types of mortgages:

  • Capital & Repayment - This form of mortgage accrues interest that is added to the overall loan amount, your monthly repayments are designed to gradually reduce the loan over a set period of years. Once this mortgage is paid off you will own your property.
  • Interest Only - This type of mortgage allows you to purchase a property and only repay the interest added to the loan amount over a set period of years. When your mortgage reaches its end term you will not own the property, the mortgage lender will.
  • Split Capital & Repayment and Interest Only - This mortgage allows you to pay off part of the main loan on your property and solely repay interest on the remaining part of the loan. At the end of the mortgage term you will own part of the property and the mortgage lender will own the remainder.
  • Other types of mortgage are offset mortgages, endowments and discount mortgages, however these are less common.

Mortgages are accepted under different terms such as fixed, tracker or variable rates depending upon individual circumstances. A financial adviser can help you to determine the best options for you given current market trends and review your cover regularly to ensure that you are getting the best rates available.

How will my Special Risk affect this?

Being self employed, being a first time buyer or having a poor credit history presents the biggest problems in obtaining mortgages.

The Special Risks Bureau do not provide advice in regards to mortgages but we can place you in contact with specialist mortgage advisers to meet your needs. Depending on the adviser you are referred to there may be a fee for mortgage advice which will be discussed at the initial meeting.

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