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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.
- 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.
- How Is Interest Calculated On a Mortgage?
- Interest is charged in different ways depending on what kind of mortgage you have.
- 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.
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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