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- What Happens During The Mortgage Application Process?
- The mortgage application process, once underway, does not take very long. Once you have decided to go with a certain lender and signed a purchase contract, the lender will run a full credit check verifying your income, liabilities and your ability to repay the loan.
- 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.
- What Happens If There’s A Shortfall At The End Of My Mortgage Term?
- There has been a lot of publicity lately about endowment policies that have not been sufficient to pay off the mortgage at the end of the term. As an investment vehicle for new customers, they are virtually obsolete, as with a fluctuating economy there is no guarantee that the resulting balance will cover the mortgage requirements.
- What are 100% Mortgages?
- Most mortgage lenders will only offer a 90% loan to value, that means that they will only loan you 90% of the properties value. First time buyers find this particularly problematic because they need to save up there 10% of the properties value before they can complete on their mortgage.
- What Happens If I Have Bank Defaults?
- If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.
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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