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Author: amoore70
Mortgage in principle explained
A “mortgage in principle” (also known as an “agreement in principle” or “decision in principle”) in the UK is a statement from a mortgage lender indicating that they would, in theory, be willing to lend you a certain amount of money for a mortgage. It is not a formal mortgage offer, but it provides an… Read more
Higher lending charges explained
A Higher Lending Charge (HLC), also known as a Mortgage Indemnity Guarantee (MIG), is a fee that some lenders in the UK mortgage market charge when the amount you borrow is high compared to the property’s value. Specifically, this charge is typically applied when the loan-to-value (LTV) ratio exceeds a certain threshold, often around 75-80%.… Read more
Why consider critical illness cover for children?
Understanding Critical Illness Cover for Children in the UK In the unpredictable journey of life, ensuring the safety and well-being of our children is paramount. While we cannot prevent every accident or illness, we can certainly prepare for unforeseen circumstances. Critical illness cover for children in the UK is designed to provide financial support to… Read more
Living on a houseboat – what you need to know
Living on a houseboat in the UK offers a unique lifestyle, combining the tranquility of waterborne living with the adventure of a mobile home. Whether you’re drawn to the picturesque canals, the sense of community, or the idea of downsizing, it’s essential to understand the practicalities and considerations before making the leap. Here’s a comprehensive… Read more
Stamp duty land tax rules for second homes
Stamp Duty Land Tax (SDLT) rules in the UK for second homes are more stringent compared to those for primary residences. The government introduced an additional surcharge to deter individuals from purchasing multiple properties, aiming to make housing more affordable for first-time buyers and to address the housing shortage. Here is a detailed explanation of… Read more
All about Key Facts Illustrations
A Key Facts Illustration (KFI) is a document used in the UK mortgage market to provide prospective borrowers with detailed and standardized information about a mortgage product. The KFI ensures that borrowers can understand the key features, costs, and risks associated with a mortgage, enabling them to make informed comparisons and decisions. Contents of a… Read more
ESIS forms – what are they and what should they contain?
An ESIS form, or European Standardised Information Sheet, is a document provided to potential mortgage borrowers in the UK to offer a comprehensive and standardized overview of the mortgage product they are considering. The ESIS form ensures that borrowers have clear and comparable information about mortgage offers from different lenders, facilitating better-informed decisions. This form… Read more
Understanding legal titles in UK land ownership
In the UK, land ownership is categorized into various types of legal titles, each conferring different rights and levels of security to the holder. Understanding these titles is crucial for anyone involved in buying, selling, or managing property. The main types of legal titles in UK land ownership include Absolute Title, Possessory Title, Qualified Title,… Read more