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Tag: MORTGAGE

MORTGAGE

  • Mortgage in principle explained

    amoore70

    A “mortgage in principle” (also known as an “agreement in principle” or “decision in principle”) in the UK is a statement from a mortgage lender indicating that they would, in theory, be willing to lend you a certain amount of money for a mortgage. It is not a formal mortgage offer, but it provides an… Read more

  • Higher lending charges explained

    amoore70

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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

    amoore70

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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

  • 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

  • The steps involved in buying a property

    amoore70

    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

  • 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?

    amoore70

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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

  • 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