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Hot Topics
- Refinance Mortgage
- What is a Refinance Mortgage?
- Cashback Mortgages
- Cashback Mortgages provide you with a lump sum of cash upon completion of the property purchase, either as a percentage of the mortgage or a fixed sum.
- What are Self Certification Mortgages?
- When you apply for a mortgage, the lender will require from you proof that you will be able to maintain the mortgage payments, and do not present a risk of non-payment for the large amount of money you are borrowing.
- 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 if I have mortgage arrears?
- If you have mortgage payments that have not been made by the due date in accordance with the mortgage deeds, you will have gained a bad credit history on your credit report. This may hinder you when trying to obtain further credit such as a credit card, loan, or another mortgage.
What Happens If There’s A Shortfall At The End Of My Mortgage Term?
There has been a lot of publicity lately about endowment policies that have not been sufficient to pay off the mortgage at the end of the term. As an investment vehicle for new customers, they are virtually obsolete, as with a fluctuating economy there is no guarantee that the resulting balance will cover the mortgage requirements.
In these cases the borrowers have been forced to find the outstanding balance from somewhere else at the end of the term. It is estimated that 3.5 million households are now facing shortfalls of more than £5,000 on their loans.
If you already have an endowment - the best advice is to stick with it. Existing endowments can be used to support a new mortgage with any ‘additional lending’ over the value of the projected maturity balance being covered either by a repayment mortgage or with an alternative repayment vehicle such as an ISA. It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term). If you cash in an endowment after only a few years it is possible you will receive less than the amount you have invested.
If you are worried that there may be a shortfall - seek immediate advice from a suitably qualified financial adviser. To insure against this pitfall it is best to have savings as a back up just in case.
- Where can i buy a mortgage ?
- How long are mortgages usually for ?
- How Much Is The Valuation Fee?
- Can I Take A Break From Making My Mortgage Repayments?
- How Do I Prove My Income?
- What happens if i want to move home ?
- What happens if i cant keep up the repayments ?
- How much deposit do I need?
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