Hot Topics

How Much Can I Afford?: You have to be very careful when buying a house to be sure that you will be able to afford the monthly mortgage repayments – as you risk losing your home completely if you find you simply cannot afford it.
How Is Interest Calculated On a Mortgage?: Interest is charged in different ways depending on what kind of mortgage you have.
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.
What is a Fixed Rate Mortgage?: A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
What Are ISA Mortgages?: If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.

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.

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