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Category: MORTGAGE APPLICATION
MORTGAGE APPLICATION
Understanding SVR’s
In the UK mortgage market, understanding different types of interest rates is crucial for borrowers. One of these types is the Standard Variable Rate (SVR). This article delves into what SVR is, how it works, and its implications for mortgage borrowers in the UK. What is SVR? The Standard Variable Rate (SVR) is the default… Read more
CCJ’s and impact on mortgage applications
Introduction: County Court Judgments (CCJs) are legal orders issued by county courts in England, Wales, and Northern Ireland. They are typically issued against individuals or businesses who have failed to repay debts. In the context of mortgages, CCJs can have significant implications for borrowers, affecting their ability to secure financing and potentially leading to adverse… Read more
Second charges, what are they?
In the realm of UK mortgages, borrowers have a variety of options to explore when seeking financing for property purchases or home improvements. One such option that may be less familiar to some is the concept of second charges. Let’s delve into what second charges in UK mortgages entail, how they work, and when they… Read more
Can I change my mortgage offer?
In the dynamic landscape of the UK mortgage market, borrowers often find themselves navigating a multitude of options and considerations when securing a mortgage. However, what happens if circumstances change, or better offers become available after initially accepting a mortgage offer? Can borrowers change their mortgage offer, and if so, what are the implications? Let’s… Read more
Getting a mortgage when you are retired
In the vibrant landscape of the UK housing market, prospective homebuyers have a multitude of mortgage options to consider when financing their property purchases. From traditional fixed-rate mortgages to innovative equity release schemes, understanding the various types of mortgages available is crucial for making informed decisions. Let’s explore the diverse range of mortgage options offered… Read more
Am I too old for a mortgage?
In the ever-evolving landscape of personal finance and homeownership, one question that often arises is whether age is a barrier to securing a mortgage. With changing demographics and increasing life expectancy, individuals are exploring homeownership at various stages of life, including later years. In the United Kingdom, mortgage eligibility criteria consider a range of factors… Read more
Housing policy for 2024 election from the conservatives
The Conservative Party’s housing policy for the upcoming UK election focuses on increasing homeownership, supporting renters, and addressing the housing supply shortage. Key elements of their policy include: The Conservative Party’s housing policy is designed to increase the supply of new homes, support homeownership, improve rental conditions, and ensure that housing development is sustainable and… Read more
How many first-time buyers will benefit from a permanent freeze to stamp duty?
The Liberal Democrats’ policy to permanently freeze stamp duty for first-time buyers is aimed at making homeownership more accessible for this group by reducing upfront costs. While the exact number of first-time buyers who would benefit from this policy is not specified in the party’s literature, we can estimate the impact based on recent housing… Read more
Shared ownership explained
In today’s housing market, achieving the dream of homeownership can feel like an insurmountable challenge for many individuals and families, especially in high-cost areas. However, shared ownership has emerged as a viable solution, offering a stepping stone onto the property ladder for those who may otherwise struggle to afford a home of their own. Let’s… Read more
Labour to introduce mortgage guarantee scheme
As of my last update in 2023, the Labour Party in the UK has proposed the introduction of a mortgage guarantee scheme aimed at helping more people, particularly first-time buyers, get onto the property ladder. Here’s an overview of the proposed scheme: Overview of the Mortgage Guarantee Scheme The proposed mortgage guarantee scheme by the… Read more