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- 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.
- Base Rate Tracker Mortgage
- A base rate tracker mortgage tracks the Bank Of England’s base interest rate then adds on a additional figure to arrive at the borrowers variable rate. Your monthly mortgage interest payments go up when the base rate goes up and they go down when the base rate goes down. The base rate tracker interest rate is usually between 0.5% and 1.0% above the Bank Of England's Base Rate.
- 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 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 ?
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