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- How Does A Joint Mortgage Work?
- When you decide to get a mortgage with another person – both your incomes can be taken into account. The general rule is that you can borrow three times the first income plus half of the second income, or two-and-a-half times the joint income.
- 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.
- What Are Discounted Mortgages?
- Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.
- 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.
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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