Hot Topics
- What Happens If We Have A Joint Mortgage, But One Of Us Wants To Leave?
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This area of the law is an extremely complex one – and it all depends on who is the legal owner of the property. You can read about this matter further on http://england.shelter.org.uk/advice/advice-469.cfm
- What is a Fixed Rate Mortgage?
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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 Capped Rate Mortgages?
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A capped rate mortgage puts a limit on maximum interest payable on your mortgage over a predetermined period. If the mortgage rate is BELOW the cap the borrow will enjoy the lower interest rate available.
- What if I have mortgage arrears?
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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 Happens If I Have Bank Defaults?
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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'.
Will I Have To Pay An Arrangement Fee And How Much Will It Be?
The Arrangement Fee is also known as an Administration or Application fee and it’s designed to cover your lender's administrative costs for setting up the mortgage.
You will usually have to pay the Arrangement Fee up front, and it will cost around £200. Some lenders may refund the fee when the property purchase has gone through completely but if the deal falls through, you will lose the fee you paid. Your lender may use different terminology to describe this fee, or it many include the cost of the Valuation Fee. In any case, most lenders will charge you for the administration of the mortgage.
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