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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.
Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?: If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender – then you will need to negotiate new terms with your existing lender.
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.
What Are ISA Mortgages?: If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
What Are Buy To Let Mortgages?: A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.

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.

The longest term you can take a mortgage out over is generally 35 years. 15 or 20 year mortgages are also quite common.

It’s a good idea to take out as short a mortgage term as possible purely because you will pay a lot less in interest. The shorter the term the higher the monthly repayments, however the amount you actually have to pay back will be greatly reduced. Basically you have to choose a mortgage term that is right for you, and if you find that you could pay more you can always remortgage for a shorter term, or if you have a flexible mortgage you can simply pay more off your mortgage and finish the mortgage early. With a flexible or current account mortgage there will be no redemption penalties for paying off early.