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Hot Topics
- How Do I Prove My Income?
- When you apply for a mortgage you will normally have to provide proof of income. However, there are mortgages available, called Self-Certified mortgages, where this is not necessary.
- I Am Self-Employed. Can I Get a Mortgage?
- Whilst many high street lenders will exclude them our mortgage partners specialise in finding the best deals around for the self employed
- What Happens If I Am Refused A Mortgage?
- If you are refused a mortgage it will be because you have a poor credit rating and/or a bad credit history.
- 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.
- How Do I Switch Mortgages?
- Switching mortgages (remortgaging) has been made very easy by the industry, in reaction to the fact that most people remortgage their homes on a regular basis i.e. every 5 years on average.
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.
All fixed rate mortgages penalise borrowers with redemption penalties, but usually only for the duration of the introductory period. Once that period, which could last anything from one to five years, is over then you are normally free to find another mortgage lender without facing any charges from the existing lender. Make sure you check up on this before you sign an agreement however, as some lenders charge an overhanging redemption penalty, this is where the redemption penalty still applies after the introductory period is over.
The redemption penalty is usually expressed as a percentage of the mortgage total – this could range from 1% - 5% of the total amount borrowed, depending on what stage of the mortgage term you are at when you cancel the agreement.
The only types of mortgage that do not charge redemption penalties are flexible, current account and offset mortgages. If you would like the freedom to end your mortgage agreement whenever you choose, these would be the best mortgages for you.
- Where can i buy a mortgage ?
- What Exactly is a Mortgage?
- Can I Get a Mortgage With A Group Of Friends?
- How Do I Switch Mortgages?
- What happens if i cant keep up the repayments ?
- How much deposit do I need?
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