Mortgage Advice & Information
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A mortgage loan is the name given to a loan which is secured against a property and is granted to people who meet the appropriate criteria.
A mortgage is granted by financial organisations who have the legal accreditations, usually these are granted by the countries financial regulators or government.
The vast majority of property purchases require a mortgage because so few people have enough funds or assets to pay for them outright.
When a person applies for a mortgage they will also be agreeing to repay it with interest as well, the amount interest payable can depending on,
These are just a few of the factors taken into account when determining both suitability for a mortgage and the interest to be repaid during the term of the loan.
The organisation granting the mortgage will try and build up a picture of the person applying, to better understanding the risk involved.
Under Islamic Sharia law interest is forbidden but mortgages lenders have found ways around this problem which allows people to get a mortgage without paying interest.
Either the lender will buy the property in full and will reselling it to the borrower at a higher price, therefore paying interest in all but name.
The other option is very similar except the lender acts as a landlord and the borrower is paying rent and a contribution to the purchase of the property.
Applying For A Mortgage
Financial organisations will vary slightly in how they want someone to apply for a mortgage, who they approve and what they offer in terms of interest.
Some mortgage lenders prefer older, more financially stable borrowers while others will be happy to lend to young, financially inexperienced applicants.
Often it's best to speak with a financial advisor before applying for a mortgage because they will know which lender is likely to approve , the best interest rate offered, etc.
When applying it's important to consider a number of factors such as, the amount you can afford to repay, the type of mortgage repayment plan and protection.
Types of Mortgages
Capital & Interest
The most common mortgage is capital & interest which is when a borrower repays the loan along with the interest over a agreed period of time.
The interest rate will depend on personal factors such as those listed above, as well as economic factors such as the Bank of England base rate.
Buy To Let
If someone wishes to buy a property which they plan to let out they need to apply for a buy to let mortgage and it often costs more than a normal mortgage.
The lender will charge a higher interest rate for a buy to let mortgage because the risk of missed payments is greater and legal action can also cost more.
Only the interest is paid each month while the mortgage loan remains outstanding until the end of the term when it will be due to be paid.
Interest only can be a dangerous payment option if the borrower doesn't have a plan in place for repaying the mortgage loan at the end of the term.
Some landlords have used interest only in conjunction with a buy to let mortgage and will sell the property before the end of the agreed period of time.
If someone has equity in their property or just wants a better deal they can re-mortgage the property they already have, with another lender.
Some people have used the re-mortgage option to release equity however it's also been used for people on interest only who have come to the end of their term.
Mortgage Payment Calculator
Our mortgage payment calculator can help you assess the type of mortgage you need, the how amount you need to borrow, along with a variety of other factors.
Whether you already know the type of mortgage you need or you are unsure, our mortgage calculator can help answers all your questions.
Once you have inputted all the necessary information it will give you a month by month break down of your payments, including interest payments until the mortgage is repaid.
Mortgage payment protection insurance (MPPI) is aimed at helping people continue with their mortgage payments in the event of loss of job or illness. Instead of falling behind on payments while out of work and building up mortgage arrears, the insurance will cover your payments.
Getting the right level of cover, for the best possible price is important when taking out life insurance so a financial advisor can be essential.
Although death is always sad, life insurance gives people peace of mind to know in the event of their death, family and/or friends will be financially taken care of.
While it's most person for a person to take out a life insurance policy for themselves, it's also possible for a third party to do it and be beneficiary.
Most common examples of someone taking out a life insurance policy on someone else is a wife or partner to do it so they are covered in the event their husband or partner dies.
It's the person who takes out the policy, also known as the policy owner, who is responsible for making the monthly payments for the life insurance.
The cost of living in the UK continues to rise and when people reach retirement they all too often find the state pension isn't enough to live on.
Starting a pension on or before 30 years old can make those retirement years a lot easier and a lot more enjoyable, which is supposed to be the reason for retiring.
There are a variety of different types of pensions and personal pensions break down even further again with each offering something different.
It's important to seek independent Pension Advice before making any life changing decisions.
There are a lot of solutions to debt problems and often it's just about finding the right one for each persons personal financial circumstances.
It's important to seek debt advice before any action is taken because going into the wrong debt solution can have serious consequences.
Debt solutions vary from debt management plans which are informal agreements to repay a debt to bankruptcy which means some people will not repay anything.
Having a will helps dived a persons estate in the event of death and makes an already difficult situation, easier for the family ad friends of the deceased.
A financial advisor can write your will and also advise the best way to your protect it in case of entering a debt solution or other circumstances.