Archive for the ‘FAQ’ Category
What is a Remortgage?
Wednesday, September 14th, 2011
Remortgaging is where you replace an existing mortgage with a new one, without moving home. This could be with the same lender and you just change the product or it could be with a different lender all together.
If you have equity in your property then it may be possible to release some of this and help relieve any financial strain that you may have from other debts or allow you to carry out some home improvements.
What is a mortgage?
Wednesday, September 7th, 2011
Your house will probably be the biggest purchase you ever make and your mortgage is likely to be the biggest loan you ever have. Therefore it is vital that before you set off on your journey onto the property ladder you understand the process.
A mortgage is the name given to the loan which you obtain from a lender in order to finance the purchase of a property. The dictionary states a mortgage is:
“An agreement under which a person borrows money to buy a property.”
To purchase a property, you will be required to put a certain amount of money forward in the form of a deposit and the rest of the purchase price will be covered by a loan secured against the property; the mortgage. You can have the mortgage over a fixed term, 20 years for example, and you will be required to make monthly payments towards the outstanding balance until it has been paid in full.
Your monthly payments are usually determined by your mortgage amount and interest type: whether it be fixed rate or variable rate, for example.
It is always extremely important to stress the importance of keeping up the repayments on your mortgage. Failing to do so could result in serious consequences and risk you losing your home.
When you're ready to, feel free at any time to send us your details using the form on the right and we'll connect you with an expert mortgage advisor to discuss all your options. Don't forget, all of our advice is free!