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Hot Topics
- How long are mortgages usually for?
- As with any loan, you can choose to take your mortgage out for any amount of time – however the norm is 25 years.
- What Happens If There’s A Shortfall At The End Of My Mortgage Term?
- There has been a lot of publicity lately about endowment policies that have not been sufficient to pay off the mortgage at the end of the term. As an investment vehicle for new customers, they are virtually obsolete, as with a fluctuating economy there is no guarantee that the resulting balance will cover the mortgage requirements.
- What Are ISA Mortgages?
- If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
- Commercial Mortgages
- A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution. Commercial mortgages are specialized due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.
- What Happens If I Have Bank Defaults?
- If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.
Can I Get a Mortgage With A Group Of Friends?
You are allowed to get a mortgage with up to three friends in the same way that you are allowed to get a mortgage with a partner - an idea that is appealing to more young professionals at the moment.
How much you will be able to borrow will depend on the lender, however there are mortgage lenders out there that will offer to lend three times the salary of each applicant.
Getting a mortgage in this way allows young professionals who cannot afford to buy alone, an opportunity to get onto the property ladder. However, it is very important that you and your group of friends are very clear on what will happen if one of you wants to move out, or one of you dies and your share is left to the next of kin. It may mean that the house needs to be sold, and that could happen when house prices are not as buoyant.
Another disadvantage is that if one of you cannot meet your share of the monthly mortgage payments, the others will still be liable to provide the full amount. And if one borrower has credit problems and has arrears on credit cards or loans, the credit records of others sharing the mortgage will also be adversely affected.
- How Does A Joint Mortgage Work?
- What happens during the mortgage application process ?
- How long are mortgages usually for ?
- What happens if i want to move home ?
- What happens if i cant keep up the repayments ?
- What happens if interest rates change ?
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
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