Hot Topics

What Is A Mortgage Indemnity Guarantee (MIG) And Will I Have To Pay It?: The Mortgage Indemnity Guarantee is also known as a Mortgage Indemnity Premium or High Lending Fee. It protects the lender against the risk of you defaulting on your mortgage debt.
What Happens If I Have No Proof Of Income?: If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income.
Interest Rates Explained: APR is used to identify the true cost of borrowing and to provide you with a method of comparing the true costs of a loan.
What Are Flexible Mortgages?: Generally, people rebroke their mortgage deal once every five or six years. They also may change their mortgage lender at the end of a discounted or fixed period. Chances are in that in the time between their last remortgage, the mortgage market will have changed a great deal.
Equity Release: Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments.

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.

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