Hot Topics

What is a Mortgage in Principle?: A Mortgage in Principle is a conditional offer made by a mortgage lender to verify that they will ‘in principle’ give you the mortgage loan you have discussed with them.
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.
What Is Conveyancing?: Conveyancing is the name of the legal process of transferring ownership from the seller to the buyer.
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.
What is Adverse Credit?: If a borrower has a history of poor credit usage then this is described as Adverse Credit, Sub Prime or just simply, Bad Credit. Poor Credit history can include County Court Judgements (CCJ's), Bankruptcy, Mortgage arrears or any late payments on credit cards, credit arrangements etc.

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.

This will essentially mean setting up a new agreement with your lender, because the only way to reduce your payments would be to stretch the mortgage out over a longer term.

There are a few variables in here – based on your age, and how long the mortgage was taken out for in the first place. If your retirement age occurs before the end of the mortgage term, then you may have difficulty renegotiating. If your mortgage was already a 30 year mortgage and you couldn’t afford it, then you may find the only option is to move to a cheaper house and therefore take on a cheaper mortgage.

You may find that to get the best deal for your money you will need to switch lenders and make the most of reduced introductory rates (discounted rate mortgages, capped rate mortgages) to lower your monthly payments for a while, and allow you to get back on your feet again financially.

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