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- 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.
- What Is Conveyancing?
- Conveyancing is the name of the legal process of transferring ownership from the seller to the buyer.
- 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 Happens If There’s A Shortfall At The End Of My Mortgage Term?
- There has been a lot of publicity lately about endowment policies that have not been sufficient to pay off the mortgage at the end of the term. As an investment vehicle for new customers, they are virtually obsolete, as with a fluctuating economy there is no guarantee that the resulting balance will cover the mortgage requirements.
- What Are Redemption Penalties?
- Redemption penalties are your lender’s way of getting extra money out of you when you decide to cancel your mortgage agreement early.
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.
- What Happens If I Am Refused A Mortgage?
- How Much Is The Valuation Fee?
- Can I Get a Mortgage With A Group Of Friends?
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