Hot Topics

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.
How Is Interest Calculated On a Mortgage?: Interest is charged in different ways depending on what kind of mortgage you have.
Can I Get a Mortgage With A Group Of Friends?: You are allowed to get a mortgage with up to three friends in the same way that you are allowed to get a mortgage with a partner – an idea that is appealing to more young professionals at the moment.
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 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 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.

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. 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.

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