Mortgages For Different Property Types
Getting a mortgage for different property type is becoming a trend in the UK over the last decade. There are many different property types for mortgages that you can invest in. Here in this section, we will have a detailed discussion on various property types in the UK.
The most common property types that people buy with a mortgage are:
1. House – This is the most popular and preferred property type to get a mortgage for. It’s also known as the main residence or the family home. The house is usually bought by the person who lives there, but it can be owned by someone else too. A house can be used as an investment property as well.
2. Flat/Apartment – If you want to live in a place where you don’t need to worry about parking space then buying a flat is the best option. You can rent out your flat if you do not use it yourself. Apartments are smaller than flats and they are mostly rented out by young professionals.
3. Land – Buying land is another great way of investing in real estate. People often buy land to build their dream houses because it costs less than building new homes. They may sell it later after constructing buildings.
4. Commercial Properties – Another great property type which gives good returns is commercial properties. These are properties that are put up for business purposes. Examples include shopping malls, warehouses, shops etc.
5. Industrial Buildings– These are large properties that are built for manufacturing purposes. They might be factories, warehouses, offices etc.
6. Retail Properties – This includes all kinds of retail businesses like restaurants, cafes, bookstores, grocery stores, clothing stores etc.
7. Leasehold Properties – This is another great property type that has been gaining popularity, especially among investors. But before buying any leasehold property, make sure that you know how it works.
8. Other Property Types – There are other property types such as hotels, holiday cottages, villas, apartments, office spaces, storage units, shipping containers, industrial sheds, recreational vehicles (RVs), second-hand cars, etc.
9. Investment Property Types – This includes things like commercial properties, residential properties, rental properties, foreclosed properties, distressed properties, raw land, etc.
10. Others – This includes everything else that isn’t mentioned above.
There are so many different property types available today. And each one of them comes with its own set of advantages and disadvantages. So, it’s important to choose the right property type depending on your needs and requirements. Also, make sure that you understand what kind of loan you need to apply for.
In this section below, you will find articles as per the specific property types. Feel free to contact us if you are interested in getting a mortgage on any of these properties.