Get the right mortgage from the right partner
When you’ve decided you want a fixed or floating mortgage (or a mix of the two) or to refinance an existing loan, as ex-senior bankers, we can tell you the lay of the land with absolute authority. Here we look at the types of available mortgages, the process of engaging Vega Mortgages, and why you should choose to work with us. At Vega Mortgages we’re all about preparing Yes applications for our clients.
Types of Mortgages
There are 7 types of mortgage loans, each with their own strengths. Which one you choose will depend on your personal circumstances combined with what we know is right for you.
Fixed rate loans, as the name suggests, are loans with interest rates that are fixed for a period of your choosing, between 6-months and 5-years.
Floating loans, also referred to as a ‘variable rate loan’, rise or fall based on market shifts linked to the Official Cash Rate (OCR).
Table loans are where you choose a term for up to 30-years. This is the most common mortgage people choose.
Revolving credit loans are good if you want to pay your mortgage off faster. They operate similarly to an overdraft where all of your funds are added to and spent from the same service account.
Offset loans are similar to revolving credit loans. You still pay interest on the loan total, however, you can link your savings accounts and any other accounts holding funds, to your loan account, to reduce your overall interest payable.
Interest only loans are where you only pay the mortgage’s interest, leaving you with spare funds to use elsewhere. Interest only loans are often selected by house flippers as they have a quick turnaround.
Reducing loans see you repaying the same amount of principal for each payment but with a reduced amount of interest over time. Initially your payments are high but these reduce over time.
While all mortgage loans are beneficial in their own way, we can help you determine which one(s) will best benefit your needs. We do this by analysing where you are against where you want to be. For more information on the 7 types of loans, go to Vega Mortgages.
Vega Mortgage’s Process
Vega Mortgage was launched to put human relationships back into the lending equation. We do this by making every one of our clients feel like they have their own private banker. Here’s how:
1. Free financial analysis
We’ll meet at the place of your convenience or connect via our groundbreaking leading technology – Vega Partners Centre – a secure video conferencing system. We can also connect via Skype, Google Hangouts, or Zoom to understand your dreams and goals.
2. Present loan options
Based on the financial analysis we will complete a lending application and discuss this with you before we submit it to the appropriate lending institution that we feel most aligns to your needs.
3. Loan approval
Once we receive your loan approval we will work with you to ensure your lending is structured correctly and in a way that helps you achieve your goals.
4. Settlement day
We keep in touch with you, your lender and relevant parties to make sure your loan settles smoothly.
5. Ongoing Support
We keep an eye on the market as it relates to your mortgage. We’ll help you take advantage of any market movements and better deals as they arise. We will also contact you prior to your loan anniversary to ensure your lending is optimised.
Why You Should Choose Vega Mortgage
Who you trust to help you can make or break your dream future. We work on a personal level and strive to build life-long relationships with our clients.
As ex-senior bankers we know the big dogs in over 40 financial institutions, which means we can fast track your application by putting it on the top of the applications pile. We accurately determine what it will cost you and what the banks think you can afford. We demystify the lending process and negotiate passionately on our clients’ behalf.
To calculate the price of your dream home you can use our calculators or call Vega Mortgages today at 0800 834 253 for your free financial analysis.