Different types of financing options are crucial for successfully purchasing property. While many have relied on traditional mortgages in the past, there are now more diversified options available. Whether you're a first-time buyer or an investor, here are some common home financing methods:

Firstly, for those with sufficient income and savings, traditional mortgages may be the most straightforward option. However, for those struggling with down payments, some assistance schemes may be more suitable. For instance, guarantor mortgages allow family members to act as guarantors, improving the credit rating of first-time buyers. Additionally, new schemes like "family offset mortgages" provide more flexible financing options, making home buying easier.

Furthermore, there are special mortgage schemes tailored for renters. For example, some mortgage products allow applicants to use their past rental payment records as credit endorsements, enabling them to obtain loans without guarantors. This flexibility provides more home buying opportunities for those lacking sufficient savings but with stable rental payment records.

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In addition to owner-occupied homes, investment properties are also a common choice. For rental properties, specialized buy-to-let mortgages are necessary. These mortgages are based on expected rental income rather than personal income. Therefore, lenders typically require a minimum "rental coverage ratio" to ensure that rental income can cover mortgage repayments.

For those seeking investment opportunities, purchasing properties for renovation or auction properties may be an option. In such cases, professional auction financing companies may offer loans of up to 75%, although interest rates and fees may be higher. Buying these properties requires quicker action and more flexible financing, but it may also yield higher returns.

Finally, for those looking for environmentally friendly housing, some lenders offer "green" mortgages to encourage environmental initiatives. These mortgages may incentivize homeowners to undertake eco-friendly renovations through lower interest rates or cashback rewards.