Home Loan Mortgage

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Don't let the jargon confuse you it's not as scary as it sounds

There are almost as many kinds of home loan mortgage as there are customers. You can get a mortgage to buy a new home or to refinance an existing one, to pay for home improvements or to start your own business. The jargon can be confusing but it's all pretty straightforward.

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What kind of home loan mortgage is it you need? It can be confusing, not least because the finance industry seems to speak a different language from the rest of us. However, it's not as complicated as it might first seem.

The different kinds of home loan mortgage are based on the reason for borrowing. The simplest and most common mortgage is for buying a new home, and first time buyer mortgages fall into this category. First time buyer mortgages are standard mortgages, usually with a few extra bells and whistles to tempt new customers.

Buy to let mortgages are for people buying property they then intend to rent to others, and second mortgages enable you to raise additional funds, for example to pay for home improvements or tuition fees. Self certified mortgages are for people who can't prove their income or have irregular income, and non status mortgages are for borrowers who don't have credit history.

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