What does APR stand for?
APR is the Annual Percentage Rate, and represents the true cost of taking a mortgage out. The APR figure will take into account the interest rate on the loan, as well as any secondary charges such as administration costs incurred setting up the mortgage.
Before getting a mortgage should I take our life insurance?
Life insurance is usually not required to take out a mortgage, however should you have dependants taking out some form of life insurance policy could be a good idea.
Will I be penalised for paying my mortgage early?
If you pay your mortgage off earlier then it is likely your lender will charge a 'relaase fee'. This could vary from between £25 to over £200.
What age do you offer your mortgage products to?
Every lender will have different guidelines on the maximum age it requires to take a mortgage out from. Generally, lenders will require you to be able to prove that you can repay the mortgage - if you are nearing retirement and do not have a pension plan then your circumstances many influence your ability to take out a mortgage.
Can I borrow more than the value of my house?
Every lender will have different guidelines on the maximum amount of money that could be borrowed - check your lender's figures!
I have a bad history - can I still take out a mortgage
All lenders have different criteria for evaluating mortgage applications, although usually they will examine cases on their merits. Of course, if you have no income and are unable to pay the mortgage off then it unlikely your application will succeed.
The house I want to get a mortgage for is a lease-hold, how does this affect my mortgage options?
Having a leasehold should not affect your mortgage suitability, though we advise you to check beforehand.
Do you offer mortgage options abroad?
Some of our lenders have foreign affiliates for those who want to obtain a property abroad.
I am between jobs and may not be make my monthly payments, what should I do?
Remember, it is in both you and your lenders best interests to arrange a repayment plan that is suitable for both parties; so should you think you may not be able to make a payment we advise you to inform your lender immediately!
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