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- 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.
- 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 Get a Mortgage With A Group Of Friends?
- You are allowed to get a mortgage with up to three friends in the same way that you are allowed to get a mortgage with a partner – an idea that is appealing to more young professionals at the moment.
- What are Variable Rate Mortgages?
- A variable rate mortgage is when you pay a standard variable rate (SVR) that changes in line with the Bank of England's base rate. The SVR is usually between 2% and 4% higher than the Bank of England's base rate, but this will vary from lender to lender.
- What Are ISA Mortgages?
- If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
What Happens If Interest Rates Change?
If you have some form of fixed interest rate mortgage you will be unaffected by changes in interest rates. Otherwise you can expect a change in the rate of interest charged on your mortgage.
If you have a variable rate mortgage, your monthly repayments will be affected by changes in interest rates. Every time the Bank of England Base Rate increases, mortgage interest rates are likely to increase but not always by the same margin. The same goes if the Bank of England Base Rate decreases.
However, some people prefer a fixed rate mortgage as this avoids the possibility of increased monthly mortgage payments.
In fact choosing which type of interest rate structure to go for in a mortgage is one of the most important decisions that you will have to make, and we highly recommend that you seek professional advice from a fully qualified mortgage adviser.
- Where can i buy a mortgage ?
- How Do I Switch Mortgages?
- How much deposit do I need?
- Can I Take A Break From Making My Mortgage Repayments?
- How much can i afford to borrow ?
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