Hot Topics

What Exactly is a Mortgage?: A mortgage is basically a loan – a loan that is secured on the value of a property which you pay back over a given period of time.
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.
Can I Take A Break From Making My Mortgage Repayments?: The ability to take a break from mortgage repayments is a feature of the Flexible, Current Account and Offset mortgages.
What if I have mortgage arrears?: If you have mortgage payments that have not been made by the due date in accordance with the mortgage deeds, you will have gained a bad credit history on your credit report. This may hinder you when trying to obtain further credit such as a credit card, loan, or another 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 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.

This is to make sure that if you default on the mortgage and they have to sell the property, they will get their money back. You will not usually be able to see the results of the survey, and many lenders also have a non-disclosure clause, so you can't sue them if their surveyor has valued the property incorrectly.

The survey will not cover you in the event of any structural or other faults, it is purely a valuation depending on market value. If you have any doubt as to the state of the property you will need to get your own survey done in addition, which you will have to pay for.

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