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Types of Mortgage:: Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
How Much Is The Valuation Fee?: The Valuation fee covers the expense of the mortgage lender visiting your prospective property to ensure that it is worth what you are intending to pay.
The Mortgage Glossary: APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
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 Is A Remortgage?: ‘Remortgage’ is basically the term for switching your mortgage to another mortgage lender.

What Happens If I Can’t Keep Up My Repayments?

It is very important that if you are having problems meeting your mortgage repayments, you talk to your mortgage lender straight away.

Perhaps you have changed jobs and your earnings have gone down, or your other outgoings have increased to the extent that you can’t meet your repayments. A worst case scenario would be that you have had an accident or have fallen sick, and you are not covered by short-term mortgage payment protection insurance plan.

If you contact your lender immediately and keep them informed of the situation, you should be able to come to an alternative, mutually beneficial arrangement with your lender. Perhaps they will suspend the mortgage repayments for a while or lower them until you are back on your feet. In any case, the worst thing you can do is ignore the problem.

When you take out your mortgage – you will be strongly aware that you could potentially lose your home if the worst comes to the worst. In most cases, matters do not progress that far - because lenders see repossession as the last resort. Basically, they stand to make a lot more money from your mortgage than through the sale of your home.

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