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- What Is A Mortgage Indemnity Guarantee (MIG) And Will I Have To Pay It?
- The Mortgage Indemnity Guarantee is also known as a Mortgage Indemnity Premium or High Lending Fee. It protects the lender against the risk of you defaulting on your mortgage debt.
- 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.
- Cashback Mortgages
- Cashback Mortgages provide you with a lump sum of cash upon completion of the property purchase, either as a percentage of the mortgage or a fixed sum.
- Equity Release
- Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments.
- Commercial Mortgages
- A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution. Commercial mortgages are specialized due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.
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.
To switch mortgages all you need to do is find yourself the best mortgage deal you can, then apply for the mortgage in the usual way. Because you will not be combining the mortgage process with the house buying process – it’s all a lot quicker and a lot less stressful. Simply provide all the paperwork they ask for (pay slips, bank statements etc) and it should be plain sailing.
Just like switching over any provider, simply end the mortgage arrangement with your existing lender, and start making payments to your new lender. One word of warning – you may have to pay some redemption penalties to your existing lender to be released from the agreement. Always check these costs out before deciding to remortgage – it may be worth waiting a few months or years before remortgaging if you’re going to be faced with redemption penalties of a few thousand pounds.
- How Do I Switch Mortgages?
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
- What happens if interest rates change ?
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