Mortgage help, advice and guide
Welcome to the financialAdvice.co.uk mortgage advice page. Here we will be able to provide you with all the help and advice you need related to your mortgage, whatever your issue may be. We also have a range of useful guides to give you more information about mortgages, which you can find below. A mortgage is simply a long term loan that is secured against the value of a property normally over a period of 25 years. This will depend mainly on how much you have managed to save as a deposit, as well as your financial history which will be measured by your credit rating. Mortgage lenders prefer you to offer as much as possible as a deposit, as this protects them against loss of value on the property. In the past some lenders have offered 100% mortgages, meaning no deposit was necessary from the borrower, however as market conditions toughened these were taken off the market. Government initiatives such as Help to Buy and Funding for Lending have made a big difference to the mortgage market since their introduction, making it easier to take out a mortgage for many, so it might be worth considering these if you are thinking about applying. Most people will spend a considerable amount of time planning and saving for a deposit for a first home, but there are many factors in your past that could affect how compatible you are for a mortgage from the point of view of a lender. Once you have a deposit ready for a mortgage there are a few of things you can do to help you first make sure you are accepted, and then get you the best deal possible: Mortgages are not straight forward products, however, and much of the time you will require a professional advisor to help you with your mortgage questions. It is worth remembering that your mortgage is likely to be the biggest financial commitment you ever make, so making the right choice is all important. There are two main types of mortgage payment options available. Repayment mortgages Interest-only mortgage There are many types of mortgages offered by lenders with a host of options in terms of interest rates, and this can significantly affect the amount you will pay each month. This is a very complicated market and the range of mortgage types available is changing constantly. Here are some examples: For more information on mortgage interest rates, we strongly recommend you speak to a financial advisor. There are a number of reasons why people look to re-mortgage their homes by moving to another lender. It may be to help reduce the monthly mortgage payments, reduce the overall term of the loan, pay for home improvements or pay off debts. While in some cases remortgaging is a good solution, it may not always be your best option, and sometimes it is better to speak to a financial advisor to determine other options. If you have the misfortune to be going through a divorce or separation from a partner, sorting out issues relating to your mortgage can be a nightmare. Once you have overcome the legal obstacles, you may find yourself in a situation where there are major changes to be made to your mortgage, and speaking to a financial advisor can help you to make the right decisions for you Your mortgage is a massive consideration, and financially probably the biggest commitment you will ever make. Getting it right is imperative but is not always something you can do on your own. This is why we strongly recommend that before you make any major decisions regarding your mortgage you speak to a financial advisor to get a professional opinion. Our mortgage advisors have access to the whole of the mortgage market, meaning they can find the right solution for you, and not just make a decision from a limited number of providers.
What is a mortgage?
Can I get a mortgage?
How to get a mortgage
- Register yourself for the electoral roll
- Make sure you compare different mortgage deals
- Don’t apply too many times!
Different types of mortgage
Here monthly payments are calculated so that the whole loan is repaid by the end of the agreed mortgage term. Each payment is made up of a combination of interest and capital repayment and guarantees that your loan is fully repaid at the end of the term, provided you make each monthly repayment when it is due.
Your agreed monthly payments will only cover the interest on the loan and the capital amount of the loan will not reduce. Your monthly mortgage payments are likely to be lower than with a repayment mortgage, but you are likely to need to set up some form of investment product such as an endowment, ISA or pension to enable you to repay the amount borrowed at the end of the agreed term.
Mortgage interest rates
- Tracker mortgages
- Standard variable rate mortgages
- Capped rate mortgages
- Discounted rate mortgages
- Fixed rate mortgages
Remortgaging
Your mortgage and divorce
Mortgage help and advice for you
Share this..
Related stories
Alistair Darling calls for multilateral reform of the financial sector
Alistair Darling has been speaking at the World Economic Forum in Davos today during which he urged countries around the world to pull together and reduce the influence of the financial sector as a whole. However, unlike some government around the world he has reiterated the UK stance which is against the breaking up of banks into separate entities such as investment banking and traditional bankin...
Read MoreFTSE 100 hits six-month high
The FTSE 100 index, which is the index that tracks share price movements of the top 100 companies in the UK, has today closed in positive ground for the ninth consecutive day. The index is now at a six-month high and despite concerns as to whether or not the UK economy has actually turned it would appear that investors are more upbeat than they have been for many months.
However, it...
Could one bad apple bring down the European Union?
As the European Central Bank looks for all European governments to practice tight fiscal governance there is concern that one bad apple could bring down the whole European Union. Despite the fact that many people automatically assumed the worst of the credit crunch and worldwide recession was over, the collapse of the Greek economy has been an unwelcome reminder for the investment arena. While...
Read MoreGreek authorities admit major problems
The Greek authorities have today admitted there are major problems within the Greek economy and the Greek budget deficit has the potential to drag down the country and its people. As a consequence, it seems likely that the Greek authorities will make use of the international bailout package which has been on the table for some time but until today remains untouched. While no specific timescale...
Read MoreStress pushes more UK citizens to drink
Figures released by the Office for National Statistics show that many in the UK have turned to drink during these very difficult economic times. The data shows that around one third of people regularly exceed their daily sensible drinking limit with one in five men and one in seven women over 65 drinking every day, compared to just 1% of those between 16 and 24 years of age. While men are still tw...
Read More