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Category: MORTGAGE APPLICATION

MORTGAGE APPLICATION

  • Bankruptcy and how it affects mortgage applications

    amoore70

    Bankruptcy can have significant implications for mortgage applications in the UK. Here’s how it typically affects the process: 1. Credit History 2. Availability of Mortgage Products 3. Deposit Requirements 4. Affordability Assessment 5. Interest Rates 6. Time Since Bankruptcy 7. Improving Credit Score Conclusion Bankruptcy can significantly impact mortgage applications in the UK, making it… Read more

  • Should I buy a property that has rising damp?

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    Buying a property is a significant investment, and one of the most critical factors to consider is the condition of the property itself. Rising damp is a common issue in older properties in the UK, but what exactly is rising damp, how much does it cost to fix, and should it deter you from purchasing… Read more

  • What’s included in a homebuyer’s report?

    amoore70

    A Homebuyer’s Report, also known as a Homebuyer Report or Homebuyer Survey, is a detailed inspection report provided by a qualified surveyor in the UK. It is typically commissioned by prospective buyers of residential property to assess the condition of the property and identify any significant issues that might affect its value or require immediate… Read more

  • The advantages of renting over buying a property 

    amoore70

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    The age-old debate of whether to rent or buy a property is one that continues to spark discussions among UK residents. While homeownership has long been considered a hallmark of financial success, renting has gained significant appeal in recent years, particularly as housing prices soar and the economic climate shifts. In this article, we’ll explore… Read more

  • Understanding vulnerable customers according to the FCA

    amoore70

    Introduction The Financial Conduct Authority (FCA) is the regulatory body overseeing financial services in the UK, ensuring that markets work well for consumers, businesses, and the economy. One of the key areas of the FCA’s focus is the treatment of vulnerable customers. Recognizing and appropriately supporting vulnerable customers is crucial in ensuring fair and equitable… Read more

  • Cooling off periods for mortgages – know your rights

    amoore70

    The process of securing a mortgage can be complex and daunting, involving significant financial commitment and long-term implications. To protect consumers, the UK has established a cooling-off period for mortgages, which provides borrowers with the opportunity to reconsider their decision after signing a mortgage agreement. This article explores what the cooling-off period entails, its importance,… Read more

  • Intermediation and disintermediation explained

    amoore70

    In the context of UK mortgages, “intermediation” and “disintermediation” refer to the involvement of intermediaries (usually mortgage brokers) in the mortgage process. Intermediation Intermediation in the UK mortgage market involves the use of intermediaries, typically mortgage brokers, who act as middlemen between borrowers and lenders. Disintermediation Disintermediation in the UK mortgage market refers to the… Read more

  • Gambling and the impact on mortgage applications

    amoore70

    Will my gambling habit affect my mortgage application? Yes, gambling can indeed affect mortgage applications. Lenders in the UK scrutinize an applicant’s financial behavior closely, and gambling activities can raise red flags that may impact the approval process for a mortgage. Here’s how gambling can influence your mortgage application: 1. Impact on Creditworthiness 2. Assessment… Read more

  • Semi-commercial mortgages explained

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    In the UK’s complex property market, financing can often be a challenge, especially when the property in question doesn’t fit neatly into either a residential or purely commercial category. This is where a semi-commercial mortgage comes into play. This type of mortgage is specifically designed for properties that have both residential and commercial elements. What… Read more

  • The good and bad of currency mortgages

    amoore70

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    Currency mortgages, also known as foreign currency mortgages or FX mortgages, are a type of mortgage where the loan is denominated in a currency other than the borrower’s home currency. In the UK, currency mortgages are typically associated with borrowing in a foreign currency, such as euros or US dollars, to purchase a property. Here’s… Read more