sensible advice and background information on how lenders work out affordability
Learn more about your mortgage and how to get the best deals.
At My Simple Mortgage, the experts you speak to are called Mortgage & Protection Advisers. And whilst the mortgage part is pretty obvious, it might not be so clear what we mean by protection. So we wanted to explain why it’s in the job title, why it’s so important, and why it’s not something we “sell.”
Simply put, consolidating your debts means you take out one loan and use it to repay all your other smaller loans, giving you a single, lower monthly repayment.
Back in “the day” when you wanted a mortgage, you would put on your best outfit, and arrange a meeting with the bank or building society manager to ask for the money to buy your house. If you were charming, polite, and he was feeling generous, you would walk out proud homeowners.
The government’s furlough scheme was monumental not only in its size and scale, but also had ripples throughout every industry that deals with income and employment. The mortgage market is no different, and it is not hard to see why. One of the largest, if not THE largest part of a mortgage application is understanding, presenting, and proving people’s income. So how will your mortgage application be affected now that the scheme is coming to an end, and you are returning to work?
For the vast majority of people, moving home or purchasing your first home just became a little cheaper, and a little less complicated
According to the property portal, Rightmove; data shows that searches for overseas property in May reached their highest point for the year – a 33% increase compared to May last year.
As a result of the recent pandemic, lots of lenders have made changes to the products (range of loan types and interest rates) available. The biggest change you may have seen is the removal, or reduction in the number of mortgages available to people with only a 5% or 10% deposit.
So, your current mortgage fixed rate is coming to an end, and you’ve had either a phone call from your adviser or a letter from your bank telling you this. So what next? Why does it matter, and what can you do about it?
A desktop valuation is often a lot cheaper and, in most cases, free to you (meaning the lender pick up the bill for it). It can also be a lot quicker, sometimes returning the required information in a matter of minutes
COVID-19 - Can I remortgage while self-isolating? There could be many reasons why you need to remortgage, and whilst the current crisis is taking place, lots of people have been giving some thought to how they might reduce their monthly outgoings – a key factor in...