Mortgage Information

 

Most of us need a mortgage to buy our next home so how much you can realistically expect to be able to borrow is critical to the process.

When buying or selling your home, understanding the difference between exchange of contracts and completion will help you to control the process, manage expectations and reduce stress.

A Mortgage Agreement in Principal usually last between 60 days and 90 days so it’s important that you don’t apply too soon - or too late.

Due to the more complex nature of the self employed mortgage applicants, different mortgage lenders apply different criteria to assessing their income.

These figures should encourage first-time buyers looking to obtain a mortgage offer, although it is also worth noting that these figures refer to applications made through an independent intermediary, such as Mortgage Required.

Mortgages are usually repaid over a considerable period of time, perhaps 15 - 30 years and whilst many mortgages are ‘repayment mortgages’, some are ‘interest-only’.

If you are currently looking at mortgages, no doubt you’re starting to get just a little frustrated by exactly what is available and what is the best choice for you. At Mortgage Required this is what we do.

Unfortunately, fixed interest rates will eventually come to an end and when they do the cost of your mortgage may change - sometimes dramatically.

Bridging finance is usually used when you want to buy a property before you sell or refinance an existing property.

Here are a few of the primary reasons most mortgage applications are refused.

Paying off your mortgage faster might be desirable for a variety of reasons but whatever your reasons there are a few facts worth considering.

A Mortgage valuation will include summary notes made by the valuer after a short inspection of the property inside and out. It will make recommendations with regard to...

Most mortgage lenders want to see a deposit of 10% and even after help from the Government, it’s likely that you will need to scrape together yourself a deposit of 5% if you are to borrow at a reasonably competitive rate.

‘Remortgaging’ is simply when you either change the type of loan you have, or the mortgage lender, or the terms upon which you borrow. There can be many reasons to do this but here are the three main reasons.

When struggling to meet mortgage payments it can make for an unhappy and stressful life. It’s important to maintain perspective of course and then decide what you can do to improve matters. Sometimes there will be plenty - usually your options are limited.

Many buyers are confused by the difference between a Mortgage Valuation, a Homebuyers Report and a Structural Survey. If you don’t work in the industry, it’s understandable, but there’s an easy way to clarify.

Buying your home is probably the most expensive asset you’ll buy in your life. It’s therefore important that you get it right.

One of the most common reasons for a delay in the mortgage application process is missing information.

A mortgage in principle is an initial mortgage offer made by a lender to a borrower. The offer is conditional upon checks and other criteria (including an acceptable mortgage valuation) but it has several benefits for the borrower.

In simple terms, Equity Release lending enables you to release and use some of the equity tied up in your home whilst still allowing you to remain living there during your lifetime.

 
 
 
 

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