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Hot Topics
- Income Multiples Explained
- If you are an employee, the majority of mortgage lenders will calculate the maximum size of a mortgage loan based on your salary.
- 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.
- 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.
- Base Rate Tracker Mortgage
- A base rate tracker mortgage tracks the Bank Of England’s base interest rate then adds on a additional figure to arrive at the borrowers variable rate. Your monthly mortgage interest payments go up when the base rate goes up and they go down when the base rate goes down. The base rate tracker interest rate is usually between 0.5% and 1.0% above the Bank Of England's Base Rate.
- What Are Buy To Let Mortgages?
- A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
What Happens If We Have A Joint Mortgage, But One Of Us Wants To Leave?
This area of the law is an extremely complex one – and it all depends on who is the legal owner of the property. You can read about this matter further on http://england.shelter.org.uk/advice/advice-469.cfm
In mortgage terms – if you have a joint mortgage you are both responsible for the monthly payments. If one of you moves out, the person remaining is responsible for the whole amount, and the lender is entitled to repossess the property to pay off the mortgage if necessary.
If you find yourself having to face the mortgage payments alone then you need to get advice immediately. Contact a solicitor for advice on your rights and to work out your options, and keep your mortgage lender informed as you may need to negotiate new terms.
- Where can i buy a mortgage ?
- What is a remortgage ?
- Can I Get a Mortgage With A Group Of Friends?
- What if i die before my mortgage is paid off ?
- What happens if i cant keep up the repayments ?
- Is there any way to lower my repayments without switching mortgages ?
- How Much Is The Valuation Fee?
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