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Hot Topics
- How long are mortgages usually for?
- As with any loan, you can choose to take your mortgage out for any amount of time – however the norm is 25 years.
- What Is Conveyancing?
- Conveyancing is the name of the legal process of transferring ownership from the seller to the buyer.
- Interest Rates Explained
- APR is used to identify the true cost of borrowing and to provide you with a method of comparing the true costs of a loan.
- What Happens If Interest Rates Change?
- If you have some form of fixed interest rate mortgage you will be unaffected by changes in interest rates. Otherwise you can expect a change in the rate of interest charged on your mortgage.
- How Do I Switch Mortgages?
- Switching mortgages (remortgaging) has been made very easy by the industry, in reaction to the fact that most people remortgage their homes on a regular basis i.e. every 5 years on average.
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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