At Coreco we understand more than most the unique London property market; we live and breathe it every day. Being a City based broker, with offices in the heart of Houndsditch, we know more than a thing or two about the local area and those who live and work here. We believe we are the premier mortgage brokerage in London and have become so by simply focusing on the keywords that many companies lose sight of - relationship, advice and service.
Our professional advisers take the time to fully understand our clients’ requirements, however complex, and concentrate on providing genuine down to earth advice to guide you through every step of the process.
Coreco has access to exclusive deals, whether that be high street products, private banking facilities or buy to let portfolio loans.
We are also specialists in mortgages for:
- First Time Buyers
- Contract Workers & Freelance
- Short lease properties
- Foreign Nationals
- Self Employed
- Large Loans/High Net Worth Clients
And we do not stop there. We advise clients on how to protect their dream home and prepare for whatever turns their lives take. For insurance business we offer products from a choice of insurers.
All of this is backed by the levels of service you would expect from a high-end brokerage, so whilst we concentrate on doing the hard work, our clients have the time to do the singing and dancing for us.
Coreco – helping you to own and protect your home
Different type of mortgages
Repayment mortgages, also referred to Capital & Interest Mortgages work as any other standard loan. Each month the borrower makes a payment that includes the interest as well as little bits of the capital amount borrowed. In other words, as long as you keep up your repayments each month, the loan will slowly reduce and the full mortgage will be repaid by the end of the mortgage term. You will then own the property fully with no debt. No risk, no hassles.
With an Interest only mortgage, borrowers only have to pay off the interest on the mortgage and not the capital. In other words if you borrow £300,000 on this basis over 25 years, at the end of the 25 years you still owe £300,000!
However, the onus is upon the borrower to ensure, usually via a savings vehicle such as an ISA or other assets that sufficient funds will be in place at the end of the mortgage term to pay off the mortgage in full. If there is no provision made, at the end of the term you will have to sell the property to pay back the loan.
Although this does give a certain element of flexibility and potentially lower monthly payments, there is therefore a certain amount of risk associated with this type of product, especially if property prices fall or savings plans do not perform as expected.
Buy To Let Mortgage
Available on either a Capital Repayment or an Interest Only basis, Buy To Let mortgages are specific products that are available on properties that are going to be let out. Unlike standard mortgages, the amount that can be borrowed is based upon the rental income received rather than the borrowers overall income. Whilst lenders vary in their calculations, as a rough rule of thumb the rental income must at least equal 125% of the interest only mortgage payments at an assumed rate of 5%.
You are not allowed to live in a property that has been acquired with a Buy To Let mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
Coreco Group Limited is an appointed representative of the following companies which are authorised and regulated by the Financial Conduct Authority for advising on and arranging the following: Mortgage Advice Bureau Limited for mortgages, Mortgage Advice Bureau (Derby) Limited for insurance.
Business such as residential and buy to let mortgages in the UK are provided through Coreco Group Limited, other business such as overseas mortgages and commercial mortgages are provided through Coreco Commercial Limited and are not regulated by the Financial Conduct Authority.