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What Happens If I Have No Proof Of Income?: If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income.
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.
The Mortgage Glossary: APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
What Happens If I Can’t Keep Up My Repayments?: It is very important that if you are having problems meeting your mortgage repayments, you talk to your mortgage lender straight away.
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 If I Die Before My Mortgage Is Paid Off?

If you die before your mortgage has been repaid, your estate will face the cost of paying back the outstanding balance. The mortgage will not be written off by the lender, it will have to be paid by the next of kin.

Your family are most likely to be your next of kin, and therefore they will have to meet the repayments. To protect them from this possibility you need to take out a form of Life Insurance, either Mortgage Life Insurance or Life Insurance, so the mortgage is paid off in full in the event of your death.

These policies will also pay off the outstanding loan balance if you are diagnosed with a terminal illness from which you would be expected to die within the following 12 months.

It’s essential that you take out cover for all eventualities – so in addition you should consider a mortgage payment protection insurance policy, which will cover your monthly repayments if you fall sick, are made redundant, or have an accident that keeps you from working.

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