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- What Exactly is a Mortgage?
- A mortgage is basically a loan – a loan that is secured on the value of a property which you pay back over a given period of time.
- What Happens If I Have No Proof Of Income?
- If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income.
- What Are The Different Ways You Can Pay Off a Mortgage?
- Capital & Interest - otherwise known as a repayment loan. The borrower pays an amount each month to cover the amount borrowed and the interest charged on that.
- What Are Buy To Let Mortgages?
- A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
- What is Adverse Credit?
- If a borrower has a history of poor credit usage then this is described as Adverse Credit, Sub Prime or just simply, Bad Credit. Poor Credit history can include County Court Judgements (CCJ's), Bankruptcy, Mortgage arrears or any late payments on credit cards, credit arrangements etc.
What Happens If We Have A Joint Mortgage, But One Of Us Wants To Leave?
This area of the law is an extremely complex one - and it all depends on who is the legal owner of the property. You can read about this matter further on https://england.shelter.org.uk/advice/advice-469.cfm
In mortgage terms - if you have a joint mortgage you are both responsible for the monthly payments. If one of you moves out, the person remaining is responsible for the whole amount, and the lender is entitled to repossess the property to pay off the mortgage if necessary.
If you find yourself having to face the mortgage payments alone then you need to get advice immediately. Contact a solicitor for advice on your rights and to work out your options, and keep your mortgage lender informed as you may need to negotiate new terms.
- Where can i buy a mortgage ?
- What is a remortgage ?
- Can I Get a Mortgage With A Group Of Friends?
- What if i die before my mortgage is paid off ?
- What happens if i cant keep up the repayments ?
- Is there any way to lower my repayments without switching mortgages ?
- How Much Is The Valuation Fee?
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