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Category: MORTGAGE APPLICATION
MORTGAGE APPLICATION
Should I choose a discounted mortgage?
A discounted mortgage is a type of home loan where the interest rate is set at a certain percentage below the lender’s standard variable rate (SVR) for a specified period. Here’s a detailed overview of how it works and who might benefit from it: How a Discounted Mortgage Works: Who Should Use a Discounted Mortgage?… Read more
Different ways to obtain your credit score
In the UK, there are several ways to obtain your credit score, each offering various levels of detail and additional services. Here are the primary methods: 1. Credit Reference Agencies (CRAs) The three main credit reference agencies in the UK are Experian, Equifax, and TransUnion. Each offers ways to check your credit score: 2. Third-Party… Read more
The most popular countries where Britons buy a holiday home
Many Britons purchase holiday homes abroad to enjoy better weather, different cultures, and potential investment opportunities. The most popular countries where Britons tend to buy holiday homes include: 1. Spain 2. France 3. Portugal 4. Italy 5. Greece 6. Cyprus 7. Turkey 8. USA 9. Bulgaria 10. Thailand Conclusion: These countries are popular among Britons… Read more
Should I be worried that my house has heave?
Heave in a house refers to the upward movement of the ground supporting the foundation, often caused by soil expansion due to moisture changes. This can lead to structural issues in a house. Whether you should be worried depends on the severity of the heave and its impact on your property. Here are some factors… Read more
Drawbacks of an equity share mortgage
An equity share mortgage, also known as a shared equity mortgage, is a type of home loan where the borrower and the lender (or another party) share ownership of the property. While this type of mortgage can make homeownership more accessible, especially for first-time buyers, it also comes with certain drawbacks. Here are some of… Read more
Sharia mortgages: the Murabaha method
The Murabaha method is a common structure used in Sharia-compliant mortgages, which adhere to Islamic law (Sharia). Sharia prohibits the payment or receipt of interest (riba), so conventional mortgages are not permissible. Instead, Islamic financing uses structures like Murabaha to facilitate home ownership while complying with religious principles. Here’s how the Murabaha method works in… Read more
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
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
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