Cheltenham and Gloucester Mortgages

The Cheltenham and Gloucester is a commercial UK lender, specializing in saving schemes and mortgages: the Cheltenham and Gloucester is the UK s third largest mortgage arranger. But, before it was a major lender, the C&G was a building society, forged in 1850. Like nearly all building societies of the time, the C&G Building Society functioned to help local members own their homes.
At the end of the 19th Century, many building societies would shut down as soon as their original members had met their goal buying a house. In contrast, the C&G became a permanent building society, accepting new members in order to assist them to achieve the goal of property ownership also. The building society remained in this vein for a hundred and fifty years before it demutualised in 1995. The Cheltenham and Gloucester became a part of the Lloyds TSB Group, delivering bonuses to its stakeholders and opening up a new area of sales. It took only a few months for C&G mortgage schemes to be available in each branch of Lloyds in the country.
C&G Remortgages and Mortgages
As outlined above, the C&G specializes foremost on remortgage, savings and mortgage products. C&G mortgages are available to individuals who are buying a new residence, as well as those who currently have a loan with another lender and want to switch. You can obtain a C&G mortage at a fixed or variable rate; whichever suits your financial situation. Fixed rate mortgages allow you to maintain the same interest rate for 7 years, regardless of the general increases in interest rates. This gives you a static of the terms of the fixed rate. Tracker mortgages follow the increases in mortgage rates, giving you the chance to possibly pay less over the term. In both cases, you may borrow between 25,000 and a 1m, according to your financial requirement.
Present customers of Cheltenham and Gloucester can get a Cheltenham and Gloucester remortgage, changing their existing mortgage to fit their new requirments. Customers may choose to borrow more, or, if their existing mortgage plan is about to terminate, find a C&G remortgage that s cheaper for them. Customers in this situation ought to communicate with the Cheltenham and Gloucester and think through their options with an authorised agent from the building society. When the new arrangement is decided, C&G remortgages can come into effect as soon as the old mortgage is stopped.
The Cheltenham and Gloucester also offers specialised mortgage loans for people buying a property to let. The Cheltenham & Gloucester buy-to-let mortgage enables members to borrow as much as eighty-five percent of the property s value. For new-build flats, this amount is sixty-five percent. A single member may have up to nine buy-to-let C&G mortgage loans. However, the total allowed loan amount is 5m. To qualify for this type of C&G mortgage, you should have earnings of at least 25,000 per annum in non rental income, your property must be professionally managed, and the property must be in a good state of repair without being divided into separate living units. Half of your rental income may be also used to predict how much you are able to borrow. Javier Melendez has written for a number of UK finance websites such as the Loan Seeker website. His recent articles include reviews of the Cheltenham & Gloucester Building Society.



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