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Tag: MORTGAGE
MORTGAGE
Understanding vulnerable customers according to the FCA
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
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
Support for mortgage interest loans (SMI) explained
Support for Mortgage Interest (SMI) is a government scheme in the UK that provides financial assistance to help cover the interest payments on a mortgage or other home loans. The scheme is designed to support homeowners who are receiving certain income-related benefits and are struggling to pay their mortgage interest. Here’s a detailed explanation of… Read more
Intermediation and disintermediation explained
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
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
List of lenders who offer commercial mortgages
Here is a list of some UK lenders who specialize in commercial mortgages: 1. Barclays 2. HSBC 3. NatWest 4. Lloyds Bank 5. Santander 6. Shawbrook Bank 7. Aldermore 8. Handelsbanken 9. Together Money 10. Paragon Bank 11. Cambridge & Counties Bank 12. HSBC Kinetic 13. Investec 14. Octopus Real Estate 15. LendInvest These lenders… Read more
Semi-commercial mortgages explained
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
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
Explaining higher lending charges
Higher Lending Charges (HLC), also known as Mortgage Indemnity Guarantees (MIG) or Mortgage Indemnity Premiums (MIP), are additional fees that may be applied by lenders in the UK when borrowers take out a mortgage with a high loan-to-value (LTV) ratio. Here’s an in-depth explanation of what HLCs are, how they work, and their implications for… Read more
Self build mortgages explained
A self-build mortgage in the UK is a type of home loan designed specifically for individuals who are constructing their own property, rather than buying an existing one. These mortgages cater to the unique needs and risks associated with self-building projects, where funds are typically released in stages as the build progresses, rather than as… Read more