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Hot Topics
- How Much Can I Afford?
- You have to be very careful when buying a house to be sure that you will be able to afford the monthly mortgage repayments – as you risk losing your home completely if you find you simply cannot afford it.
- How Do I Prove My Income?
- When you apply for a mortgage you will normally have to provide proof of income. However, there are mortgages available, called Self-Certified mortgages, where this is not necessary.
- 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.
- 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 Capped Rate Mortgages?
- A capped rate mortgage puts a limit on maximum interest payable on your mortgage over a predetermined period. If the mortgage rate is BELOW the cap the borrow will enjoy the lower interest rate available.
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the credit reference agency in question for a copy of your credit report, and make sure that any inaccuracies or out of date information is removed from your credit report.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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