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Author: amoore70
Hybrid lifetime mortgages – what are the benefits?
Hybrid lifetime mortgages are a type of equity release product that combines features of both lifetime mortgages and interest-only mortgages. They allow homeowners, typically aged 55 and over, to borrow against the value of their home while retaining ownership and having the option to make voluntary interest payments. Here are the benefits of hybrid lifetime… Read more
The differences between fixed and capped rate mortgages
Fixed-rate and capped-rate mortgages are two types of mortgage products that offer different ways to manage the interest rate on a home loan. Here are the main differences between the two: Fixed-Rate Mortgages A fixed-rate mortgage has an interest rate that remains the same for a specified period, typically between 2 to 10 years. Here… Read more
Chancel repair liabilities – what you need to know
Chancel repair liability is an ancient and somewhat obscure legal obligation in England and Wales. It requires some property owners to contribute to the cost of repairing the chancel (the part of a church near the altar) of a medieval parish church. This liability can apply to both residential and commercial properties, and it stems… Read more
Interest only mortgages – what happens if the debt is not cleared at the end of the term?
Interest-only mortgages allow borrowers to pay only the interest on the loan for a set period, usually between 5 to 10 years, while the principal amount remains unchanged. At the end of the interest-only period, the borrower typically must either start paying both principal and interest or pay off the entire remaining loan balance. Here’s… Read more
What is a flexible mortgage?
A flexible mortgage in the UK is a type of home loan that provides the borrower with various flexible features not typically available in standard mortgages. These features can offer greater control over how the mortgage is managed and repaid. Some of the key characteristics of a flexible mortgage include: These features provide significant advantages… Read more
What is a limited liability guarantee mortgage?
A “limited liability guarantee mortgage” is not a standard term in the mortgage industry. However, based on the context and common mortgage terminology, it might refer to a specific type of mortgage arrangement or structure that involves limited liability and guarantees. Here’s a breakdown of what this term could potentially entail: Limited Liability Company (LLC)… Read more
Sharia-compliant home purchase plans explained
Sharia-compliant home purchase plans, also known as Islamic mortgages or Halal mortgages, are financial products designed for Muslims who wish to purchase property in accordance with Islamic law (Sharia). These plans differ from conventional mortgages in terms of structure and principles, aligning with Islamic finance principles that prohibit interest (riba) and encourage risk-sharing and ethical… Read more
What income is included in a lender’s affordability assessment
In the UK, when a lender assesses affordability for a mortgage or other loan, they typically consider various sources of income to determine the borrower’s ability to repay the loan. The income sources generally included in a lender’s affordability assessment can vary slightly depending on the lender and the type of loan, but they commonly… Read more
Open and closed bridging finance explained
In the realm of bridging finance, the terms “open” and “closed” refer to different types of bridging loans based on the timeline and repayment schedule. Here are the key differences between open and closed bridging finance: Open Bridging Finance: Closed Bridging Finance: Choosing Between Open and Closed Bridging Finance: In conclusion, the choice between open… Read more
Am I a mortgage prisoner?
In the UK, a “mortgage prisoner” refers to a situation where homeowners are unable to switch their existing mortgage to a better deal, even though they might want to, due to changes in lending criteria or financial circumstances. This term became more prominent following the financial crisis of 2007-2008 and subsequent changes in mortgage regulations.… Read more