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Hot Topics
- How long are mortgages usually for?
- As with any loan, you can choose to take your mortgage out for any amount of time – however the norm is 25 years.
- What If I Die Before My Mortgage Is Paid Off?
- If you die before your mortgage has been repaid, your estate will face the cost of paying back the outstanding balance. The mortgage will not be written off by the lender, it will have to be paid by the next of kin.
- How Do I Switch Mortgages?
- Switching mortgages (remortgaging) has been made very easy by the industry, in reaction to the fact that most people remortgage their homes on a regular basis i.e. every 5 years on average.
- Refinance Mortgage
- What is a Refinance Mortgage?
- What Are Capped Rate Mortgages?
- A capped rate mortgage puts a limit on maximum interest payable on your mortgage over a predetermined period. If the mortgage rate is BELOW the cap the borrow will enjoy the lower interest rate available.
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.
- How Does A Joint Mortgage Work?
- What happens during the mortgage application process ?
- How long are mortgages usually for ?
- What happens if i want to move home ?
- What happens if i cant keep up the repayments ?
- What happens if interest rates change ?
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
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