Mortgage Information

 

If you’re still trying to get to grips with what a mortgage is, below we have covered all of the basics you need to know before buying a property. 

It is important to ensure that you’re aware of your credit score and you’re obtaining a copy of your credit report before applying for a mortgage. 

There are actually lots of different land mortgages available, from self-build mortgages and commercial development mortgages to agricultural mortgages.

If you’re wondering what can potentially stop you from getting a good mortgage deal, we have looked into some of the most common factors to be aware of. 

Nowadays 100% mortgages, also known as ‘no deposit’ mortgages, are not available and people who are looking to buy a home will require at least a 5% deposit to get a mortgage offer from a lender.

Getting a foot on the property ladder is becoming more and more difficult for people of all ages. Not only is the price of property in many parts of the UK continuing to rise, but the majority of businesses still only pay their employees minimum wage, so many fear that they will never be able to own their own home. 

The mortgage that you secured when buying your property may not be the best deal after a few years, especially if your home has gone up in value

If you’re new to buying a home, you may hear lots of familiar phrases that you don’t fully understand. One of these phrases commonly used is ‘the chain’. If you’re unsure what this is and why it’s talked about so much, we explain here.

A gifted deposit is a sum of money given to you by someone else, usually a member of your family. The money you are gifted must be given by way of a gift and not a loan.

There are a few reasons why you might be buying a property with a tenant still in occupation (a sitting tenant).

How does a first-time buyer get onto the housing ladder? Here we make a few suggestions...

The Help to Buy scheme allows first-time buyers to purchase a new-build property with just a 5% deposit.

If you increase the loan on your primary home, the mortgage lender will want you to be able to prove that you can afford the larger loan.

These long leases are sometimes referred to as ‘virtual freeholds’. The owner of such a lease might not own the freehold but he does have most of the rights associated with ownership of the freehold, such as the right to exclusive possession and quiet enjoyment.

With the new mortgage guarantee scheme, even if you only have 5% deposit, you may be able to obtain a mortgage on the remaining 95% of the purchase price

Rishi Sunak has announced that he is to extend the existing Stamp Duty Holiday until the end of June 2021.

A sinking fund is basically a savings account managed, usually, by the building’s managing agent.

A Debt Management Plan is a mechanism by which you can have a third party negotiate with the people to whom you owe money and set out a plan by which you will make a single, affordable monthly payment each month.

Moneyfacts, the independent mortgage market monitor of all things ‘mortgage’ has reported that overall mortgage availability rose in January 2021, to 3,215 products!

There are still many reasons why the UK property market could be considered one of the best investment opportunities in the world. Here are ten reasons why.

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

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk