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- 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.
- Base Rate Tracker Mortgage
- A base rate tracker mortgage tracks the Bank Of England’s base interest rate then adds on a additional figure to arrive at the borrowers variable rate. Your monthly mortgage interest payments go up when the base rate goes up and they go down when the base rate goes down. The base rate tracker interest rate is usually between 0.5% and 1.0% above the Bank Of England's Base Rate.
- What are Self Certification Mortgages?
- When you apply for a mortgage, the lender will require from you proof that you will be able to maintain the mortgage payments, and do not present a risk of non-payment for the large amount of money you are borrowing.
- 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 Are Buy To Let Mortgages?
- A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
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.
You will need to go for a loan interview with most bank and building society lenders – and at the interview you will take your signed copy of the purchase contract. The purchase contract will specify the amount of your deposit, the price you have agreed to pay for your house, and your proposed closing date of the mortgage term. When you go to the loan interview the mortgage lender will use all this information to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow.
At this point the mortgage lender will also check your Credit Report, so it’s a good idea to check your credit report before you apply to make sure there are no errors, as this could easily hamper your ability to get a mortgage.
Typically, you will complete the Uniform Residential Loan Application at your loan interview. This is widely used in the mortgage industry, and it is at this point that you will probably be required to pay an application/arrangement fee and the valuation fee.
- Where can i buy a mortgage ?
- How Do I Switch Mortgages?
- How long are mortgages usually for ?
- How Is Interest Calculated On a Mortgage?
- Can I Get a Mortgage With A Group Of Friends?
- What happens if i want to move home ?
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
- What is a remortgage ?
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