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Tag: MORTGAGE
MORTGAGE
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
What is securitisation?
Securitisation in mortgages is a financial process that involves pooling various types of mortgage loans and then selling these consolidated debt as mortgage-backed securities (MBS) to investors. This process helps lenders to free up capital, allowing them to issue more loans, and provides investors with an opportunity to invest in real estate without having to… 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
The differences between fixed and capped rate mortgages
Fixed-rate and capped-rate mortgages are two types of mortgage products that offer different ways to manage the interest rate on a home loan. Here are the main differences between the two: Fixed-Rate Mortgages A fixed-rate mortgage has an interest rate that remains the same for a specified period, typically between 2 to 10 years. Here… 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