FAQ Home | General Questions | Critical Illness Insurance | Life Insurance | Home and Contents
Mortgage Payment Protection | Mortgage Life Insurance | Short Term Income Protection Insurance
Mortgages | Car Insurance | Loans | Private Medical Insurance | Travel Insurance
Hot Topics
- How Does A Joint Mortgage Work?
- When you decide to get a mortgage with another person – both your incomes can be taken into account. The general rule is that you can borrow three times the first income plus half of the second income, or two-and-a-half times the joint income.
- What Is A Mortgage Indemnity Guarantee (MIG) And Will I Have To Pay It?
- The Mortgage Indemnity Guarantee is also known as a Mortgage Indemnity Premium or High Lending Fee. It protects the lender against the risk of you defaulting on your mortgage debt.
- 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.
- Commercial Mortgages
- A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution. Commercial mortgages are specialized due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.
What Is A Mortgage Indemnity Guarantee (MIG) And Will I Have To Pay It?
The Mortgage Indemnity Guarantee is also known as a Mortgage Indemnity Premium or High Lending Fee. It protects the lender against the risk of you defaulting on your mortgage debt.
Not all lenders charge this - and you should try to avoid it because it can amount to several hundred pounds, however you may not have any choice, especially if you are borrowing more than 75% of the property’s value. The lenders have to protect themselves in the event of falling house prices, and this is their way of doing that.
Basically, if you haven’t got a deposit there will be no way of avoiding the extra cost, although you could try shopping around to see if you can find a mortgage lender that does not demand you pay this one-off charge.
- How much deposit do I need?
- How Do I Prove My Income?
- What happens if interest rates change ?
- What are redemption penalties ?
- What happens during the mortgage application process ?
1st Time Buyer - Buy to Let Mortgages - Capped Rate Mortgages - Discount Mortgages - Fixed Rate Mortgages - Flexible Mortgages - ISA Mortgages - Low Setup Cost Mortgages - Self Cert Mortgages - Tracker Mortgages - 100% Mortgages Cashback Mortgages - Adverse Credit - Buy to Let - Commercial Mortgages - Company Directors - Equity Release - Fixed Rate Mortgages - Income Multiples - Interest Rates Explained - Mortgage Glossary - Mortgages Explained - Previously Declined - Refinance Mortgages - Repaying Mortgages - Right to Buy Mortgages - Self Employed - Unusual Properties - Variable Rate Mortgages