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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.
- How Do I Switch Mortgages?
- Switching mortgages (remortgaging) has been made very easy by the industry, in reaction to the fact that most people remortgage their homes on a regular basis i.e. every 5 years on average.
- What Are Capped Rate Mortgages?
- A capped rate mortgage puts a limit on maximum interest payable on your mortgage over a predetermined period. If the mortgage rate is BELOW the cap the borrow will enjoy the lower interest rate available.
- 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.
- Right To Buy Mortgage
- What is ‘Right to Buy’?
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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