In recent weeks lenders have begun offering 40 year mortgage deals. This kind of long-term mortgage will aim to establish more certainty and flexibility for first time buyers. But what does this mean for borrowers? Here’s everything you need to know about 40 year mortgages.
As a first-time buyer, you might be worried about debt consolidation affecting your mortgage application. But getting your debts under control before applying for a mortgage is actually highly recommended – it’s a clear indication to a lender that you’ll be able to borrow and spend responsibly. In this guide, we’re going to show you how debt consolidation can actually help you get your mortgage on the move. Here’s everything you need to know.
Though paying off your mortgage before you retire might be one of your life goals, it isn’t always possible. With many people getting on the property ladder in their 30’s or 40’s and lenders offering very long-term deals, almost one in ten people who have reached retirement age are still repaying their mortgage. Here’s a guide on your options if you still have a mortgage when you retire.
Officials are considering changing the part of affordability checks which tests whether borrowers could afford their repayments, even if they moved to a higher interest rate mortgage deal after their fixed-rate deal ends. While it may be easier to secure a mortgage under these new conditions, finding a home you can afford could be much harder. Here’s everything you need to know about the potential changes and what they mean for house prices.
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Your mortgage will be secured against your property.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee of up to 1.95% of the mortgage amount, subject to a minimum fee of £1,295 and an overall maximum fee of £2,995 payable on completion.