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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.
How Is Interest Calculated On a Mortgage?: Interest is charged in different ways depending on what kind of mortgage you have.
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.
Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?: If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender – then you will need to negotiate new terms with your existing lender.
What Happens If I Have Bank Defaults?: If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.

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.

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Hot Topics

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.