A mortgage is the name given to a loan secured on property. It is usually used to buy the home although it is becoming more popular to consider a new mortgage, where the property is already owned, to access a more competitive mortgage product or to raise capital for other purposes, such as school fees or home improvements. You may have to pay an early repayment charge to your existing lender if you remortgage.
A mortgage is a long-term loan and has traditionally run for a fixed
period, typically 25 years. However, most mortgages are flexible enough
to allow for early repayment or, if your circumstances dictate, the term
can be extended beyond the original loan period.
Mortgages were once the preserve of building societies and the high street banks, however recently far more competition has entered the market and there is now a raft of lenders offering mortgage loans on residential property. This expansion in the number of lenders has lead to a vast array of different loan packages.
With so much choice in the market, this can be very confusing. Below, you will find answers to the most frequently asked questions on mortgages and home insurance.
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Think carefully before securing other debts against your home. your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secutred on it. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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There may be occasions when the firm charges a fee. This is dependant upon your circumstances, but it will normally be no more than 1% payable on completion.