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Frequently Asked Questions About Mortgages
Getting started with you mortgage
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What exactly is a mortgage?
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.
- Can I Take A Break From Making My Mortgage Repayments?
- The ability to take a break from mortgage repayments is a feature of the Flexible, Current Account and Offset mortgages.
- 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 Are Redemption Penalties?
- Redemption penalties are your lender’s way of getting extra money out of you when you decide to cancel your mortgage agreement early.
- 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.
- Mortgages explained
- What will the initial costs of buying a house be
- How much can I afford?
- What is a loan to value (LTV) ratio?
- Income Multiples
- How much deposit do I need?
- What happens during the mortgage application process?
- What is a mortgage in principle ?
- How long are mortgages for ?
- How does a joint mortgage work ?
- How much is the valuation fee
- Will I have to pay an arrangement fee and how much will it be ?
- What is a Mortgage Indemnity Guarantee (MIG) and will I have to pay it?
- What is conveyancing ?
- Do I need a guarantor ?
- How do I prove my income
- No proof of income
- What happens if I am self-employed ?
- Interest rates explained
- How is interest calculated on a mortgage
- What happens if interest rates change ?
- Can I get a mortgage with a group of friends ?
- Do in need mortgage payment protection insurance ?
- Do I need home and contents insurance ?
- Unusual properties
- Company directors
- What happens if I am refused a mortgage ?
- Where can I buy a mortgage ?
- Mortgage glossary
After you've got your mortgage
- Repaying mortgages
- Can I take a break from making my mortgage repayments ?
- Can I repay my mortgage early ?
- What happens if I want to move home ?
- What happens if we have a joint mortgage but one of us wants to leave ?
- What happens if I can't keep up my repayments ?
- Is there any way I can lower my monthly repayments without switching mortgages ?
- What happens if there's a shortfall at the end of my mortgage term ?
- What if I die before my mortgage is paid off ?
- What are redemption penalties ?
Switching Mortgages (Remortgaging)
- What is a remortgage ?
- How do I know if I should switch mortgages ?
- How do I switch mortgages ?
- Refinance mortgages
Specific types of mortgage
- First time buyer mortgage
- 100% Mortgages
- Cash Back Mortgages
- Fixed Rate Mortgages
- Variable Rate Mortgages
- Discounted rate mortgages
- Capped Mortgages
- Base Rate Tracker Mortgages
- Self Certification Mortgages
- Isa Mortgages
- Flexible Mortgages
- Low Setup Cost Mortgages
- Equity Release Mortgages
- Buy to Let Mortgages
- Right to Buy Mortgages
- Commercial Mortgages
Mortgages and Credit Problems
- I have been turned down for a loan or credit cards, will I still be able to get a mortgage ?
- Previously declined
- What if I have bad credit ?
- Adverse credit
- Credit problems
- Mortgage arrears
- Bank defaults
- CCJ's - County Court Judgements
- Bankruptcy orders
- Repossession orders