Thank you for your enquiry for a CAT Standard Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your CAT Standard Mortgage will reflect your own personal needs.
To enable us to provide you with an initial quote for your CAT Standard Mortgage please submit your details and we will try to contact you today.
CAT Standard Mortgages need to meet certain standards set by the government. It is important to understand that just because the mortgage may meet these standards does not mean the government endorses it.
Charges:
* All fees are up front before the loan purchase so there can be no hidden costs.
* Interest needs to be calculated on a daily basis as opposed to others, which may not.
* Overpayments and underpayments are credited right away.
* Brokers who arrange CAT Standard Mortgages cannot charge a fee for that arrangement as they do for other services.
Access:
* Early payments are allowed which makes it an attractive alternative to various people who might have changing incomes such as those who are self employed.
* Regular standards are adhered to so there are no surprises or new rules.
* Everyone can apply for CAT Standard Mortgages, although not all may be qualified or accepted.
* There is a minimum amount specified for the loan the buyer borrows.
Terms:
* All documents must be clear and easy to understand.
* If buyers are behind in payments, they only have to pay the interest on the standard rate.
A buyer could choose to purchase an interest only payment method or capital payment, but their mortgage would still meet certain standards. Variable rate CAT standards and/or fixed rate CAT standards are also options that buyers are free to choose from, but these terms need to be specified and agreed upon ahead of time. Your broker can help you with the various options to make sure you don’t agree to unnecessary conditions.
This type of mortgage gives both the buyer and broker flexibility because the amount of payments can be negotiated.
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The Mortgage train is a trading style of SourceIFA Limited. Registered office Argyll House, 158 Richmond Park Road, Bournemouth, Dorset. BH8 8TW Registered in England and Wales No. 06363148. This website is produced for information only and does not constitute or offer advice.