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Hot Topics
- Types of Mortgage:
- Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
- 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.
- Unusual Properties
- What happens if I have an unusual property?
- 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.
- How Do I Know If I Should Switch Mortgages?
- The mortgage market changes on a regular basis – and it is quite possible that just a few years after taking out your mortgage there will be plenty of better deals out there with more favourable interest rates.
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.
The term ‘secured’ means that if you cannot fulfil the payment programme as agreed with the lender, they have the right to sell your property in order to recover their money.
The usual term of a mortgage is 25 years, but depending on your circumstances and earnings it can be arranged over longer or shorter periods. The initial amount you borrow is called the 'capital’, and added onto this capital will be the interest charged to you by the lender. You have two options – to pay off the capital and the interest as one sum – this is a ‘repayment’ mortgage, or pay back the interest only, and set up another investment to pay back the capital at the end of the term, this is known as ‘interest only'. You have many more options when it comes to choosing how you want your interest to be charged.
- Where can i buy a mortgage ?
- Can I Take A Break From Making My Mortgage Repayments?
- What happens if i cant keep up the repayments ?
- Is there any way to lower my repayments without switching mortgages ?
- Can I Get a Mortgage With A Group Of Friends?
- What if i die before my mortgage is paid off ?
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