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- What Is A Mortgage Indemnity Guarantee (MIG) And Will I Have To Pay It?
- The Mortgage Indemnity Guarantee is also known as a Mortgage Indemnity Premium or High Lending Fee. It protects the lender against the risk of you defaulting on your mortgage debt.
- Where Can I Buy a Mortgage?
- Many, but not all financial services companies offer mortgages. If you are looking for a mortgage the traditional approach is to speak to you bank or a building society. However, you are most likely to find the cheapest deals by speaking to a Mortgage Broker.
- Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?
- If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender – then you will need to negotiate new terms with your existing lender.
- 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 Are Discounted Mortgages?
- Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.
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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