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- Income Multiples Explained
- If you are an employee, the majority of mortgage lenders will calculate the maximum size of a mortgage loan based on your salary.
- 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.
- Interest Rates Explained
- APR is used to identify the true cost of borrowing and to provide you with a method of comparing the true costs of a loan.
- The Mortgage Glossary
- APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
- What Are Discounted Mortgages?
- Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.
Can I Take A Break From Making My Mortgage Repayments?
The ability to take a break from mortgage repayments is a feature of the Flexible, Current Account and Offset mortgages.
You also have the freedom with an ISA mortgage to have payment breaks, as ISA’s allow you the flexibility to save as and when you like.
If you would like or need a break from your mortgage repayments, and your mortgage does not have the inbuilt flexibility to allow you to do so – you will need to contact your lender to see if you can come to an arrangement.
If you are granted a break – you will need to increase your subsequent payments to make up for the lost capital, so that you are back on track afterwards to pay the mortgage off at the end of the term.
Always discuss a payment break with your mortgage lender first – never cancel your direct debit without any communication.
- How Does A Joint Mortgage Work?
- How Do I Switch Mortgages?
- How Do I Prove My Income?
- What happens if i cant keep up the repayments ?
- How Much Is The Valuation Fee?
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