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Category: MORTGAGE APPLICATION
MORTGAGE APPLICATION
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
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
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
The risks of re-mortgaging as part of a debt consolidation programme
In the quest to manage debts more effectively, many homeowners in the UK turn to re-mortgaging as a potential solution, often incorporating it into a debt consolidation strategy. While re-mortgaging can offer benefits such as lower interest rates and simplified repayments, it also comes with significant risks that borrowers should carefully consider before proceeding. Understanding… Read more
Reasons why drainage searches are important
In the UK, a drainage search (also known as a drainage and water search or sewerage search) is a crucial part of the conveyancing process when buying a property. It involves obtaining information from the local water authority regarding the property’s connection to public sewers and water mains. Here’s what a drainage search typically checks:… Read more
Execution only basis mortgages
An execution-only mortgage is a type of mortgage arrangement where the lender does not provide any advice to the borrower about which mortgage product to choose. Instead, the borrower makes all the decisions independently and instructs the lender to proceed with the chosen mortgage product based solely on their own judgment. This type of mortgage… Read more
What is meant by ratification?
Under the principles of agency in legal terms, ratification refers to the approval or confirmation by a principal of an act performed on their behalf by an agent who lacked the authority to do so at the time the act was performed. Ratification effectively retroactively grants the agent the authority to perform the act, making… Read more