Our Mortgage Broker Guide to getting a mortgage in Newham
The mortgage application process has 4 stages regardless of which mortgage lender you use:
| |
Mortgage Broker Tip 1 | Mortgage Broker Tip 2 |
Variable Rate MortgageThis is one of the two main types of mortgage – the other being fixed rate mortgages. It is the interest rate that varies with this type of mortgage and it varies unpredictably.
This means this type of mortgage is a risk. The initial interest rate is likely to be lower than it would be for a fixed rate mortgage, however it can increase after a period of time. | Help to BuyThe Help to Buy equity loan scheme allows you to pay a 5% deposit, get a 20% equity loan, and then a Help to Buy mortgage of 75%. For the first five years, the equity loan has no interest on it, but after the five years it develops an interest rate of 1.75%.
The property you use your Help to Buy Mortgage on has to be a new build house. In London the equity loan is 40% which means you get a Help to Buy Mortgage of 55% rather than 75%.
|
The London Borough of Newham is a London Borough that was formerly part of the county of Essex. It is situated just 5 miles east of Central London.
The University of East London has the Stratford Campus and the Docklands Campus within Newham. There are also ten libraries within the district including Beckton, Manor Park and North Woolwich. The museum in the district is the Three Mills, which was a trading site for roughly a thousand years.
There are a few theatres in the district including Stratford Circus Arts Centre, the Theatre Royal Stratford East and St Mark’s Church that is now the home of Brick Lane Music Hall.