Mortgage Information

 

What is the Mortgage Market Review (MMR)?

Part of the review requires lenders to implement a financial ‘stress test’. This means that lenders will want to make sure that even if (and when) interest rates rise their borrower will still be able to pay the increased mortgage repayments.

How to Repay Your Interest Only Mortgage

If you are still working, there are plenty of lenders happy to extend terms on a interest only mortgage. 

Top Tips to Getting a Mortgage When You Are Self-Employed

Mortgage lenders are looking for a clear picture of your finances over time. They need to see that you are regularly profitable and that the business is stable.

75% of Borrowers Could be Missing Out on the Opportunity to Pay Less for Their Mortgage!

New research shows that 75% of borrowers could be missing out on the opportunity to pay less for their mortgage.

Equity Release has never been so popular. What is it?

Equity release is a term given to the mechanism by which a homeowner can raise either a cash lump sum or a regular periodic income in return for either selling or mortgaging all or part of their home. 

What is a Buy to Let Stress Test and Why do Mortgage Companies Use Them?

A stress test is the term given to the process by which lenders assess the sustainable affordability of a loan to a buyer. Required by law to undertake such affordability tests as a result of legislation following the 2008 credit crunch and housing crisis, stress tests are there to protect the borrower (and the lender) for entering into ill-conceived or risky loan arrangements.

How to Improve your Chances of Getting a Mortgage

Nowadays, obtaining a mortgage is a complicated thing. We all have credit scores, whether we know it or not, and our chances of obtaining a mortgage offer will be largely determined by that score.

What is the Help to Buy Equity Loan Scheme?

With ‘Help to Buy’, the Government lends you up to 20% of the cost of your newly built home, so you may only need a 5% cash deposit and a 75% mortgage to make up the rest.  To reflect the current property prices in London, from February 2016 the Government is increasing the upper limit for the equity loan it gives new home-buyers within Greater London from 20% to 40%.

Can I Get a Mortgage with a CCJ?

There are a variety of criteria that a mortgage lender will set before they will consider lending. Some lenders will not lend to a borrower with previous CCJs but others will, dependent on the facts. Of course, the riskier a borrower is deemed to be, the more expensive the mortgage is.

The Lowest Bank of England Interest Rates in History!

August 2016 ushered in the lowest ever Bank of England Base rate at a staggering 0.25%. To put this in perspective, the highest Bank of England Base Rate was set at 15% during the Summer of 1990.  But why is the Bank of England Base Rate relevant to the homeowner?

How to Repay Your Mortgage Faster

It’s perhaps one of life’s ironies that most of us are keen to get on the housing ladder and yet, almost as soon as we get there, we are just as keen to get rid ourselves of the debt burden we were so keen to take on to buy our dream home.

Why Use an Independent Mortgage Broker?

Our brokers are professionally trained and qualified to offer you the best quality advice. We work on your behalf. You are our client and as such we owe you a legal duty of care to act in your best interests. At Mortgage Required, we are on your side, we know the market and we are here to help!

What is Accident, Sickness and Unemployment (ASU) Insurance?

Both Payment Protection Insurance and Mortgage Payment Protection Insurance are forms of ASU. Accident, Sickness and Unemployment Insurance is usually taken when someone is concerned about how they would meet their obligations were they to be incapacitated by accident, sickness or unemployment.

How Do I Switch Mortgage Providers?

Before you change mortgage provider, if it is to obtain a cheaper deal than your existing one, consider asking your provider about their ‘product transfers’ before you commit to moving.

Why does Virgin Money suggest you use a Mortgage Broker?

It has long been recognised that the best way to secure the right mortgage deal is to fully explore the market and what is on offer to whom. As the financial markets have expanded and matured, it has become harder for the layperson to interrogate the market completely and with the level of forensic understanding required if the best informed decision is to be made.

What is a Sealing Fee?

A ‘sealing fee’ is sometimes also referred to as a ‘discharge fee’, ‘redemption fee’ or ‘exit fee’. The fee, when charged, is usually between £100 to £300 and is stated in your mortgage’s terms and conditions.

What does the Purchase Price of Property include?

To specify exactly what is included in the sale of property in a short blog is impossible. However, for the purposes of this item, we’ll exclude mineral rights and the legal definition of Freehold and Leasehold interests and look at something more basic!

What Does ‘Tie in Period’ Mean?

If you go to an independent mortgage adviser like Mortgage Required who are not restricted to just one lender, then you will see lots of different mortgages, all with different terms.

Should I Overpay My Mortgage?

The term ‘overpaying’ your mortgage refers to the voluntary additional payment of cash into your mortgage account over and above the agreed monthly sum.

What Does Conveyancing Mean?

Conveyancing is the name given to the field of law that specialises in the sale and transfer of land and buildings.

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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

Call: 01628 507477