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Hot Topics
- 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.
- Unusual Properties
- What happens if I have an unusual property?
- The Mortgage Glossary
- APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
- Equity Release
- Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments.
- I Have Been Turned Down For A Loan Or Credit Card, Will I Still Be Able To Get A Mortgage?
- If you have been turned down for a credit card or loan, then you need to find out why your application was rejected before you apply for a 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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