Mortgage Information

Mortgages

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  • Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgage FAQs

Q. Who has the cheapest mortgage?

This will depend on your individual circumstances and requirements including the type of mortgage you want (fixed rate, variable rate, cashback etc), how long any special interest rates last for, whether you want a low interest rate with fees or a higher rate with no fees etc.

Q. Which is best, an interest only or a repayment mortgage?

A repayment mortgage guarantees to repay your mortgage, an interest only mortgage will only repay the interest owed and you will need a different method of repaying the capital.

Q. I have experienced difficulties with making credit payments. Can I get a mortgage?

This may not prevent you from getting a mortgage unless you are bankrupt. The interest rate may be higher than normal and it may cost more to arrange. You may also need a bigger deposit.

Q. What is the maximum period a mortgage can run for?

Most lenders will allow a mortgage term of 35 years or to your retirement age. You can extend a mortgage term beyond retirement age if you can demonstrate that you can afford the payments.

Q. Do I need a deposit?

Yes - historically, some lenders did not require a deposit. At present it is not possible to get a 100% mortgage.

Mortgage Glossary

Here is a glossary of commonly used mortgage terms.

  • Mortgage in Principle

This is a conditional offer made by a mortgage lender which, provided the information you give them is correct, means they will "in principle" give you the mortgage you have discussed with them.

  • Capital / Capital Repayments

Capital means a sum of money.
Capital repayments are payments you make to repay the capital debt (i.e. the actual money you borrowed) of your mortgage/loan.

  • Chain

Sometimes when you are buying a new home, the sale of your old home is used to finance the purchase of the new one. If the people buying from you are also depending on others buying/selling their homes then this is a "chain".

  • Conveyancing

Conveyancing is the legal work involved in buying and selling a home. It would normally be done either by a solicitor or a licensed conveyancer.

  • Credit Reference Agencies

Credit reference agencies are companies who are used to check your credit rating.

  • Equity

Equity - when used in connection with property - usually means the difference between the market value of a house and the amount owed on the mortgage.

For example if your home is worth £200,000 and you owe £150,000 on the mortgage, you could be said to have equity in the property of £50,000.

  • Gazumping

Gazumping is where the seller has accepted your offer but then decides to take a higher offer instead.

  • IFA

IFA stands for Independent Financial Adviser. IFAs are fully qualified and are supervised stringently by the Financial Services Authority.

  • Mortgage & Protection Advisers

Mortgage & Protection Advisers can give advice on Mortgage & Protection products and not Pension and Investment products like IFA's.

  • Interest

Interest is the money you pay the lender for lending you the money.

  • Interest Rate

The Interest Rate is the amount of interest you are charged and will affect what you have to pay back.

The interest rate should always be referred to as an APR (Annual Percentage Rate).

  • Loan to Value (LTV)

The Loan to Value is usually a percentage which shows the size of mortgage in comparison to the property's value. For example, if the mortgage is £80,000 and the property's value is £100,000 the loan to value is 80%.

  • Mortgage Lender

A mortgage lender is any financial institution that offers and/or arranges mortgages. These could be insurance companies, friendly societies, building societies, banks, unit trust managers and even supermarkets.

  • Mortgage Term

The mortgage terms is the length of the mortgage agreement.

  • Redemption Penalty / Early Pay Off Charges

The redemption penalty is the fee the lender will charge if you repay your mortgage earlier than the agreed mortgage term.

  • Surveyor

A surveyor is qualified to visit your property and value your property to ensure that it provides sufficient security for your mortgage lender. A surveyor can also survey your property and provide you with a report on its condition and any remedial work which may be required.

 


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Mortgages

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Simply select the product you are interested in and we will contact you to do the rest!

Income Protection

Income Protection is designed to pay you a regular tax free monthly income if you are unable to work due to illness, injury or unemployment

Life Assurance

Help protect your home, your standard of living and provide a nest egg for your family in the future with our range of Life Assurance products.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. We charge a fee of £495.00 and we are also paid commission from the lender, alternatively you could receive the commission from the lenders and pay us a fee of an estimated £995.00.