Mortgages

A mortgage is a loan taken out to buy property or land. The loan is secured against the value of your property until this is paid off.

Mortgages can be for different terms usually a minimum of 5 years and a maximum of 40 years depending on age and lenders criteria.

Mortgages for all types of applicants:

  • First time buyers
  • Home-movers
  • Re-mortgage
  • Self-build
  • Buy to Let

Criteria which lenders assess

Age – lenders differ with the minimum and maximum ages and this will also reflect on the term you are able to consider

Affordability – Income, credit commitments, regular expenditure and dependants will all be taken into consideration when applying.

Deposit – Size does matter, as the larger the deposit the less risk to the lender and they will in return give you a more favourable rate, although this does not usually allow you to borrow more than is affordable. The usual minimum deposit is 5% (this may differ on shared ownership).

Type of Property – The property type and value must be acceptable to the lender, certain short leases on leasehold properties, Right to Buy or Help to Buy Schemes, non-standard construction or under-market value may not be acceptable to certain mortgage providers.

 

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE SOME FORMS OF BUY TO LET MORTGAGES.
MORTGAGE DEALS MAY NOT BE AVAILABLE AND LENDING IS SUBJECT TO INDIVIDUAL CIRCUMSTANCES AND STATUS.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU MOVE OR REMORTGAGE.

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