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Hot Topics
- How Much Can I Afford?
- You have to be very careful when buying a house to be sure that you will be able to afford the monthly mortgage repayments – as you risk losing your home completely if you find you simply cannot afford it.
- Do I Need a Guarantor?
- If your lender is concerned about your ability to meet your mortgage commitments, they may ask you to provide a Guarantor.
- Can I Take A Break From Making My Mortgage Repayments?
- The ability to take a break from mortgage repayments is a feature of the Flexible, Current Account and Offset mortgages.
- What Is A Remortgage?
- ‘Remortgage’ is basically the term for switching your mortgage to another mortgage lender.
- 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 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.
- Where can i buy a mortgage ?
- How much deposit do I need?
- How Is Interest Calculated On a Mortgage?
- How Is Interest Calculated On a Mortgage?
- Can I Get a Mortgage With A Group Of Friends?
- Can I Take A Break From Making My Mortgage Repayments?
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
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