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Hot Topics
- How Much Deposit Do I Need?
- As a general rule of thumb, you need to make a deposit of about 5 – 10% of the total amount you are borrowing.
- Unusual Properties
- What happens if I have an unusual property?
- 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 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 Adverse Credit?
- If a borrower has a history of poor credit usage then this is described as Adverse Credit, Sub Prime or just simply, Bad Credit. Poor Credit history can include County Court Judgements (CCJ's), Bankruptcy, Mortgage arrears or any late payments on credit cards, credit arrangements etc.
What is a Mortgage in Principle?
A Mortgage in Principle is a conditional offer made by a mortgage lender to verify that they will ‘in principle’ give you the mortgage loan you have discussed with them.
If you get a mortgage in principle before you start looking for a house, it will speed up the process a lot. It means that when you find your chosen home, you’ll be able to get the mortgage quicker and hopefully win the property race!
Applying for a mortgage in principle is similar to the final mortgage application process - you still need to consider and choose what type of mortgage you want and shop around to find the mortgage lender that will offer you the best deal. From the information you provide (earnings etc) the lender will make you the offer of a mortgage in principle - it is only when you are applying for the actual mortgage that you will need to provide proof of earnings and other necessary documentation.
- How long are mortgages usually for ?
- What happens if we have a join mortgage but one of us wants to leave ?
- What if i die before my mortgage is paid off ?
- What are redemption penalties ?
- Is there any way to lower my repayments without switching mortgages ?
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