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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.
- 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.
- 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.
- The Mortgage Glossary
- APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
- What Is A Remortgage?
- ‘Remortgage’ is basically the term for switching your mortgage to another mortgage lender.
What Happens If I Am Refused A Mortgage?
If you are refused a mortgage it will be because you have a poor credit rating and/or a bad credit history.
Any of the following could result in you being refused a mortgage: County Court Judgements, previously declined applications for credit, defaults on payments, mortgage arrears, repossession of property or cancellation of a credit card by the credit card company.
If your application for a mortgage is rejected then you need to find out exactly why before you make another mortgage application. The first place to start is to ask the lender why your application was rejected.
The next step, if it is due to your credit history, is to contact the credit reference agency in question for a copy of your credit report, and make sure that any inaccuracies or out of date information is removed from your credit report. The lender will be able to give you the contact details for the credit reference agency they used. You need to do this within 28 days of being turned down.
If you were refused a mortgage because your earnings are not high enough, or you cannot provide a Guarantor – you will simply have to shop around for a mortgage lender that is prepared to offer you a mortgage.
Fill in our quotation form to be referred to a leading UK broker – we guarantee that whatever your situation we’ll have a mortgage that’s right for you and your circumstances.
- How Do I Switch Mortgages?
- How long are mortgages usually for ?
- How Do I Prove My Income?
- What happens if i want to move home ?
- What Will The Initial Costs Of Buying A House Be?
- What happens if we have a join mortgage but one of us wants to leave ?
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