Amber

Amber Homeloans Limited is a company that specialises in adverse, self-certification, and buy-to-let mortgages. This company, through intermediaries only, strives to serve those who might have a difficult time receiving a mortgage from a traditional lender. They offer Standard Variable Rate, Discounted, Variable, Fixed, Tracker, Capped and Cash-back mortgages.

A benefit of Amber’s discounted mortgage is that a percentage is taken off of the variable rate for a certain amount of time. This is usually one or two percent, which means that you will not see a significant rise in payments once the discounted time ends, and this allows you a bit more money in the beginning to deal with moving-related costs.

Amber’s fixed rate mortgages usually are for a set amount of time only, for example two to five years. After this time period, then, the interest rate will generally revert to the standard variable rate. This is a beneficial type of mortgage for budgeting purposes, as you know exactly how much your payments will be during the fixed rate time period.

The capped mortgage will follow the variable rate; however, there is a top limit, which gives the borrower a bit of insurance against really high rates. In general, this upper limit is higher than what you would find with a fixed rate mortgage, though, which can be a negative aspect.

Amber’s cash-back variant offers a lump sum of money once the mortgage is finalized, which means that you cannot use it as a down payment on the mortgage itself; although the cash given back can be helpful to cover moving costs or to pay for work that needs to be done immediately on your new home.

Finally, one attractive feature that Amber Homeloans offers to their customers of at least six months is a pay holiday. If you have overpaid in the past and give them fourteen days written notice, with certain other restrictions, you may take a pay holiday of up to three consecutive months.

If you are in the market for a mortgage, use our tools on SimplyFinance.co.uk to find the best company and product for you, keeping in mind that this article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.

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