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Category: MORTGAGE APPLICATION

MORTGAGE APPLICATION

  • Higher lending charges explained

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    A Higher Lending Charge (HLC), also known as a Mortgage Indemnity Guarantee (MIG), is a fee that some lenders in the UK mortgage market charge when the amount you borrow is high compared to the property’s value. Specifically, this charge is typically applied when the loan-to-value (LTV) ratio exceeds a certain threshold, often around 75-80%.… Read more

  • All the costs involved in buying a property

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    Buying a property in the UK involves several costs beyond the purchase price. These costs can vary based on the property’s value, location, and type of transaction. Here is a comprehensive list of costs involved in buying a property in the UK: 1. Deposit 2. Stamp Duty Land Tax (SDLT) 3. Mortgage Fees 4. Survey… Read more

  • All about Key Facts Illustrations

    amoore70

    A Key Facts Illustration (KFI) is a document used in the UK mortgage market to provide prospective borrowers with detailed and standardized information about a mortgage product. The KFI ensures that borrowers can understand the key features, costs, and risks associated with a mortgage, enabling them to make informed comparisons and decisions. Contents of a… Read more

  • ESIS forms – what are they and what should they contain?

    amoore70

    An ESIS form, or European Standardised Information Sheet, is a document provided to potential mortgage borrowers in the UK to offer a comprehensive and standardized overview of the mortgage product they are considering. The ESIS form ensures that borrowers have clear and comparable information about mortgage offers from different lenders, facilitating better-informed decisions. This form… Read more

  • Adverse mortgages – what are they and who are they for?

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    An adverse mortgage in the UK is a type of mortgage specifically designed for individuals with a history of adverse credit. These mortgages cater to borrowers who have struggled with credit issues, such as missed payments, defaults, County Court Judgments (CCJs), bankruptcies, or Individual Voluntary Arrangements (IVAs). Due to the increased risk posed by these… Read more

  • Credit impaired customers and the impact on mortgages

    amoore70

    In the context of UK mortgages, a credit-impaired customer (also known as an adverse credit customer) is an individual with a history of credit issues that may affect their ability to obtain a mortgage or result in them being offered less favorable mortgage terms. This status is typically defined by certain negative marks on their… Read more

  • Navigating the pros and cons: Buying a ground floor flat

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    Buying a property is a significant decision that requires careful consideration of various factors, including location, size, and type of property. Ground floor flats are a popular choice for many buyers in the UK, offering convenience and accessibility, but they also come with their own set of pros and cons. In this article, we’ll explore… Read more

  • A guide to lifetime ISA’s

    amoore70

    The Lifetime Individual Savings Account (ISA) is a versatile financial tool designed to help individuals in the UK save for their first home or for retirement. If you’re considering opening a Lifetime ISA (LISA) or want to learn more about how they work, this guide will provide you with all the information you need. What… Read more

  • Help to buy ISA’s – a guide

    amoore70

    Help to Buy ISAs (Individual Savings Accounts) are a government scheme designed to help first-time buyers save for a deposit on their first home. If you’re considering opening a Help to Buy ISA or want to learn more about how they work, this guide has you covered. What is a Help to Buy ISA? A… Read more

  • The steps involved in buying a property

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    In the process of buying a house in the UK, the exchange of contracts is a pivotal stage that marks a significant milestone in the transaction. It’s the moment when the agreement between the buyer and the seller becomes legally binding. Here’s what it entails: 1. Agreement Terms: 2. Solicitors: 3. Signing Contracts: 4. Deposit… Read more