Whereas once upon a time people aspired to own a mansion or castle now many hope to own an executive home - normally in a premium road or cul-de-sac.
Executive homes developments are sought after as they are normally appointed to a high standard, with many of the latest enhancements such as hi-tech wiring, sound systems and electronic controls. Nowadays one would also expect a high level of insulation and other 'green' technologies.
Whilst there are many such homes across the country with significant parcels of land attached, executive homes on estates or within the boundaries of a town or city often are built on very modest plots.
As the demand for larger family homes has risen many have been built on the site of older properties where land has been subdivided to provide smaller plots for a number of executive homes. What special features should I look out for in an Executive Home Mortgage?
Given the relatively large size of an Executive house this normally means the purchase price will be higher than average, and therefore the mortgage relating to it may well be too.
This means it's really important to get the right mortgage. We have hand picked the mortgage companies we work with as we want to make sure you get the right advice. Executive home buyers often have a more varied range of repayment vehicles than the average home buyer, and the ability to take these into account when deciding upon your mortgage type is paramount. Pension Plans, ISAs (Individual Savings Accounts), Life Assurance Plans can all be used to fund lump sum repayments to your mortgage as well as the more traditional monthly repayments.
Fees: As you will probably be borrowing a larger sum look for fixed or low fees. Much (but not all) of the work undertaken on arranging a mortgage is the same whether its a £50,000 or £500,000 mortgage. Again see if you can negotiate on other fees such as valuations, solicitors bills etc.
Flexibility: Will the mortgage adapt to your changing circumstances? (e.g. can you make overpayments or underpayments or take a repayment holiday at any time if you want to).
Portability: Can you transfer your mortgage deal to a new home if you move? ÃÂ
Repayment term: Can you change to and from a repayment mortgage to interest only or vice versa? ÃÂ
Extend your mortgage: Can you easily increase your mortgage amount or maybe amend the expiry date?
Are there early repayment charges? Can you repay the mortgage or change deals within the special deal period without charge?
Our mortgage team will be delighted to discuss your Buy to Let mortgage requirements. Call them on 0800 520 0699 (option 2) - we are open Mon - Thurs: 9am-6.30pm, Fri: 9am - 5:30pm and Sat: 9am - 5pm -or give us a few details using the button above and we will be in touch as soon as possible.
If you have more than three properties and/or want to borrow over £1m call us on the same number but press option 2.
Our service provides buy to let mortgages from the 'whole of market' meaning that rather than just one mortgage being considered for you a wide range of products with differing features, terms, rates and policies can be offered. This choice is a key benefit of our service.
Our team will happily discuss fixed rate mortgages, tracker mortgages and discounted rate mortgages.
Our mortgage service is provided by London & Country Mortgages Ltd. Beazer House, Lower Bristol Road, Bath, BA2 3BA who are authorised and regulated by the Financial Services Authority. Their FCA number is 143002. You also have the added reassurance of a MoneyMaxim consultant on hand in case of any queries or additional guidance.
This content was last reviewed on 19/11/2019