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Hot Topics
- How Much Is The Valuation Fee?
- The Valuation fee covers the expense of the mortgage lender visiting your prospective property to ensure that it is worth what you are intending to pay.
- What Happens If We Have A Joint Mortgage, But One Of Us Wants To Leave?
- This area of the law is an extremely complex one – and it all depends on who is the legal owner of the property. You can read about this matter further on https://england.shelter.org.uk/advice/advice-469.cfm
- What are Self Certification Mortgages?
- When you apply for a mortgage, the lender will require from you proof that you will be able to maintain the mortgage payments, and do not present a risk of non-payment for the large amount of money you are borrowing.
- What Are Flexible Mortgages?
- Generally, people rebroke their mortgage deal once every five or six years. They also may change their mortgage lender at the end of a discounted or fixed period. Chances are in that in the time between their last remortgage, the mortgage market will have changed a great deal.
- I Have Been Turned Down For A Loan Or Credit Card, Will I Still Be Able To Get A Mortgage?
- If you have been turned down for a credit card or loan, then you need to find out why your application was rejected before you apply for a mortgage.
How Much Deposit Do I Need?
As a general rule of thumb, you need to make a deposit of about 15 - 30% of the total amount you are borrowing.
The more you can give as a deposit, the more favourable your mortgage terms will be, as your loan will not be perceived to be as much of a risk. This means better interest rates, and in general, because of the size of your deposit you will not have to pay as much interest back.
If you cannot make a deposit, you will need to get a 100% mortgage ( currently not available ). These are harder to come by and the interest rate will not be favourable, you may also find that you have to provide a Guarantor to satisfy the lender’s concerns that you might not be able to meet your mortgage commitments.
- What Happens If I Am Refused A Mortgage?
- What Exactly is a Mortgage?
- How Is Interest Calculated On a Mortgage?
- What happens if i want to move home ?
- What are redemption penalties ?
- Can I Get a Mortgage With A Group Of Friends?
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
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