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Category: MORTGAGE APPLICATION
MORTGAGE APPLICATION
Mortgage Glossary
Annual Percentage Rate of Charge (APRC) Mortgage lenders must quote an Annual Percentage Rate (APRC) as well as their standard interest rate. The APRC can be slightly confusing for borrowers, but it factors in the total cost of credit to you as a consumer and is then expressed as an annual percentage of the total… Read more
Is it possible to get a mortgage on a studio flat under 30m2
Yes, it is possible to get a mortgage on a studio flat under 30 square meters in the UK, but it can be more challenging compared to larger properties. Lenders typically consider small properties (under 30m²) as non-standard, and some may be reluctant to offer a mortgage due to perceived risks, such as limited market… Read more
The best websites for staying up to date with mortgage news
For staying updated on UK mortgage news, several reputable websites provide comprehensive coverage, expert analysis, and the latest updates. Here are some of the best websites to check: 1. MoneySavingExpert (MSE) 2. This is Money 3. The Financial Times 4. The Guardian – Money Section 5. BBC News – Business 6. Mortgage Strategy 7. Which?… Read more
Can you buy a property without using a conveyancer?
In the UK, while it is technically possible to buy a house without using a conveyancer or solicitor, it is not recommended due to the complexity and legal intricacies involved in the property transaction process. Here’s a detailed look at the implications and considerations: Legal Requirements Advantages of Using a Conveyancer or Solicitor Options for… Read more
How the FCA regulates UK mortgages
The Financial Conduct Authority (FCA) plays a crucial role in regulating the mortgage market in the UK. Established to ensure financial markets work well for consumers, businesses, and the economy, the FCA sets standards and oversees the conduct of mortgage lenders and brokers. Here’s an in-depth look at how the FCA regulates UK mortgages: 1.… Read more
Mortgage glossary – our handy guide to understanding key mortgage terms
1. Annual Percentage Rate of Charge (APRC): 2. Arrangement Fee: 3. Base Rate: 4. Buy-to-Let Mortgage: 5. Capital: 6. Conveyancing: 7. Early Repayment Charge (ERC): 8. Equity: 9. Fixed-Rate Mortgage: 10. Flexible Mortgage: – A mortgage that allows for overpayments, underpayments, and payment holidays, offering more flexibility to the borrower. 11. Interest-Only Mortgage: – A… Read more
What does a building survey consist of?
A building survey in the UK, also known as a full structural survey, is a detailed inspection of a property’s condition, typically conducted by a chartered surveyor. This type of survey is recommended for older properties, properties with unusual features, or those that have been significantly altered. Here’s what a building survey typically consists of:… Read more
The 10 biggest mortgage lenders in UK
The top mortgage lenders in the UK typically include a mix of large high street banks and specialized mortgage providers. As of the most recent data, here are the top 10 mortgage lenders in the UK: These rankings can fluctuate based on market conditions, changes in mortgage lending practices, and corporate mergers or acquisitions. For… Read more
Roles and responsibilities of a mortgage guarantor
A guarantor in the context of UK mortgages is a person who agrees to take on the financial responsibilities of the mortgage if the primary borrower is unable to meet their mortgage payments. Here’s a detailed explanation of the role and responsibilities of a guarantor: Role of a Guarantor Requirements for a Guarantor Types of… Read more
A list of the ten biggest conveyancing firms in the UK
Identifying the ten biggest conveyancing firms in the UK can be challenging as rankings can vary based on different criteria such as the number of transactions handled, revenue, or size of the firm. However, here are some of the largest and well-known conveyancing firms in the UK based on their prominence and market presence: These… Read more