A mortgage deposit is the amount you are contributing towards the purchase of the house. It is does not factor in moving, legal or tax costs; it is solely the difference between the purchase price and the mortgage amount. For example, if you were buying at £100,000 and taking a £90,000 mortgage – the deposit would be £10,000. Frequently asked questions on Deposits Q. What is the minimum … [Read more...]
Mortgage and product news, best buys and tips
Joint Borrower Sole Proprietor Mortgage
Happy to go on your children's mortgage but do not want to trigger higher stamp duty You’ve probably heard the countless radio ads saying you can guarantee a personal loan but what about guarantor mortgages? In the 80s and 90s guarantor mortgages were all the rage but the credit crunch all but killed off the remaining lender participants until now. Read on to find out how you can help your child … [Read more...]
Pay day loans have stopped me get a mortgage
I need to borrow money on my property but I have a track record of Pay Day loans For a large section of society Pay Day loans are the norm however many mortgage providers shy away from lending particularly if a Pay Day loan or equivalent has been taken in the last 12 months - even if payments have been maintained in full. So why the reluctance? Well rather than trouble themselves to determine … [Read more...]
Tracker Mortgage vs Fixed Mortgage
Whats the difference between Tracker Mortgage Products and Fixed Rate Mortgages? We often get asked the differences between a fixed and tracker mortgage so we'd thought the summary below would be useful. Of course, every clients needs are different so we would need to talk through the appropriateness which product to take on an individual basis. Tracker Mortgage The rate is normally … [Read more...]
How to mortgage a property left to you in a will
What happens to a mortgage after the death of a family member? Existing lender wanting their money back on a property and don’t want to sell we can help. Mortgage Lenders can show their ruthless side in the event of death and an inherited property but what can you do if you need to mortgage a property left to you. Factually they can call the repayment in if the deceased was the only applicant. … [Read more...]
Should I take the free legal scheme offered by my mortgage provider?
Are free legal products a gimmick? Most of the leading lender's and building society’s offer a free legal basic service on remortgages – but why? The mechanics Firstly, the Conveyancers will not be undertaking their work for love so you ahve to take this in mind when it comes to free legal products. The cost will be factored into the Mortgage Lenders product pricing model. For example, the … [Read more...]
Bankruptcy Mortgage Criteria 2018
A look at Mortgages for discharge bankrupts in 2018 Recently bankrupt – mortgage options are shortening Mortgage Lenders will have their own rules and policies on discharged bankrupts and so I thought I would take a quick look at the Bankruptcy Mortgage Criteria for 2018 clients. Since the credit crunch more and more Mortgage Lenders have relaxed their approach with a good number taking a … [Read more...]
Managing your mortgage following the rate rise
Concerned about your mortgage payments There has literally been a whole generation that has not experienced a hike in mortgage interest rates until this month. The Governor of the Bank of England has also hinted at two further rises on the horizon. So what can be done to reduce your worry? Here are some my Top Tips: 1) Look at your current mortgage terms. If you’re on a variable … [Read more...]
Managing your mortgage following the Interest rate rise
Concerned about your mortgage payments after the recent Interest rate rise read on. There has literally been a whole generation that has not experienced an Interest rate rise until this month. The Governor of the Bank of England has also hinted at two further rises on the horizon. So what can be done to reduce your worry? Here are some my Top Tip to deal with the recent Interest rate rise … [Read more...]
Recently Self Employed Mortgage options
I am Recently self-employed can I obtain a mortgage as I dont have my accounts filed yet? The high street mortgage standard for Recently Self Employed Mortgage applicants is a minimum of 2 to 3 years trading. There are a growing breed of centralised Mortgage Lenders that will accept 1 year’s trading typically at a slightly higher interest rate. It starts to gets tricky though if you are … [Read more...]