An interest rate that is set for anything from a few months to several years. This means that if the interest rate went up above the set limit you wouldn't pay any more. However unlike a fixed rate, your interest rate can go down. The lenders make their money by locking you into the mortgage for a minimum limited period and may include a penalty clause if you try to swap.
More commonly known as a repayment mortgage your monthly mortgage repayments to your lender covers the capital, the actual money you borrowed, and the interest the lender charges you for borrowing the money.
This is a marketing offer to try to make you take out their mortgage. A lump sum of money, usually a £1000, is given by the lender i.e. cash back when you take out their mortgage. It could be a set figure or a percentage of your overall mortgage. Sometimes be used to fund the deposit or be used for immediate home improvements. You are probably paying for this cash back in the mortgage rate you pay.
If you have not made payment on any debt you have then you will be taken to Crown Court. If the debt isn't satisfied then a decision or judgment made in the County Court, normally for the non-payment of that debt will be registered on your credit file as a CCJ. If the debt is paid or satisfied and a satisfaction certificate obtained it will be noted on your credit file.
The final stage of the mortgage process and the day you get the keys becoming the new legal owner of your own home.
To consolidate your debts means instead of several debts where you are struggling to meet all the repayments you have just one manageable debt with a repayment you can afford. An Adverse Monkey Independent Financial Advisor can arrange a debt consolidation loan.
The legal process of transferring ownership of the property. A conveyancer, usually a solicitor, deals with the contracts and property searches.
Before lenders consider lending you credit they will undertake a credit check. A credit check determines your credit history whether you have any CCJ's, defaults or outstanding credit card bills. Most high street lenders don't want anyone with a poor credit history.
This process is used by some lenders to determine whether you are the level of credit risk you are. They use a scoring system based on credit history; good or bad, length at current address, security, employment, income and answering these questions gives them a score or Credit Rating. Mainstream lenders only want high scores. However, our Independent Financial Advisors will find credit to suit your score even if it is a poor credit rating. The majority of your credit history and suitability will be on a national credit database but it is up to individual lenders whether the risk is acceptable.
To consolidate your debts means instead of several debts where you are struggling to meet all the repayments you have just one manageable debt with a repayment you can afford. A RefinanceUK Independent Financial Advisor can arrange a debt consolidation loan.
If you have defaulted on a loan or mortgage it means that you are more than 30 days behind the date your repayment was due. This will be marked on your credit record and would lead to a CCJ if no payment was received or received very late.
The amount of money you put towards the purchase of the property. Most lenders will require at least 10% deposit of the purchasing price. However some lenders will lend 100% or more but only to Status Applications with no credit history.
This means interest charged on a mortgage is at the variable base rate and applies to the mortgage, less a discount for a set period.
This means the rate and so your monthly repayment will go up or down depending on the variable base rate changes. This will remain until the end of the discounted rate period. These type of mortgages tend to lock you into the mortgage for a minimum limited period and may include a penalty clause if you try to swap.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOU MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS