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Types of Mortgage:: Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
How Much Deposit Do I Need?: As a general rule of thumb, you need to make a deposit of about 5 – 10% of the total amount you are borrowing.
What Happens If I Want To Move Home?: Moving home is basically the same as moving into your first home, in mortgage terms. You are free to find yourself another mortgage with either your existing lender or another lender – and can shop around for the best deal on the market.
What Happens If I Can’t Keep Up My Repayments?: It is very important that if you are having problems meeting your mortgage repayments, you talk to your mortgage lender straight away.
I Have Been Turned Down For A Loan Or Credit Card, Will I Still Be Able To Get A Mortgage?: If you have been turned down for a credit card or loan, then you need to find out why your application was rejected before you apply for a mortgage.

Can I Get a Mortgage With A Group Of Friends?

You are allowed to get a mortgage with up to three friends in the same way that you are allowed to get a mortgage with a partner – an idea that is appealing to more young professionals at the moment.

How much you will be able to borrow will depend on the lender, however there are mortgage lenders out there that will offer to lend three times the salary of each applicant.

Getting a mortgage in this way allows young professionals who cannot afford to buy alone, an opportunity to get onto the property ladder. However, it is very important that you and your group of friends are very clear on what will happen if one of you wants to move out, or one of you dies and your share is left to the next of kin. It may mean that the house needs to be sold, and that could happen when house prices are not as buoyant.

Another disadvantage is that if one of you cannot meet your share of the monthly mortgage payments, the others will still be liable to provide the full amount. And if one borrower has credit problems and has arrears on credit cards or loans, the credit records of others sharing the mortgage will also be adversely affected.

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