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Hot Topics
- What Will The Initial Costs Of Buying A House Be?
- Before you actually move into your new property – you will have to pay a series of initial costs to cover the following:
- 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 Are The Different Ways You Can Pay Off a Mortgage?
- Capital & Interest - otherwise known as a repayment loan. The borrower pays an amount each month to cover the amount borrowed and the interest charged on that.
- 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 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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