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- 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.
- How long are mortgages usually for?
- As with any loan, you can choose to take your mortgage out for any amount of time – however the norm is 25 years.
- How Is Interest Calculated On a Mortgage?
- Interest is charged in different ways depending on what kind of mortgage you have.
- What are 100% Mortgages?
- Most mortgage lenders will only offer a 90% loan to value, that means that they will only loan you 90% of the properties value. First time buyers find this particularly problematic because they need to save up there 10% of the properties value before they can complete on their mortgage.
- Commercial Mortgages
- A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution. Commercial mortgages are specialized due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.
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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