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- Types of Mortgage:
- Variable rates Mortgages: - mortgage payments are calculated by your lender on the so-called "Standard Variable Rate". This is based on the monetary "base rate" that is reviewed monthly by the Bank of England.
- Where Can I Buy a Mortgage?
- Many, but not all financial services companies offer mortgages. If you are looking for a mortgage the traditional approach is to speak to you bank or a building society. However, you are most likely to find the cheapest deals by speaking to a Mortgage Broker.
- How Do I Know If I Should Switch Mortgages?
- The mortgage market changes on a regular basis – and it is quite possible that just a few years after taking out your mortgage there will be plenty of better deals out there with more favourable interest rates.
- 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 I Have Bank Defaults?
- If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.
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.
- How much can i afford to borrow ?
- How long are mortgages usually for ?
- What are redemption penalties ?
- How Is Interest Calculated On a Mortgage?
- How Much Is The Valuation Fee?
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