FAQ
What is a Fixed rate Mortgage?
A fixed rate mortgage is where the interest rate is faxed for a period of time, typically 2, 3 or 5 years
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What is a Capped rate mortgage?
A Capped rate Mortgage is where the interest rate has an upper ceiling, for a set period of time
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What is a cap and collar mortgage?
A mortgage that cannot go above the cap- but cannot fall below the collar.
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What is a Tracker rate mortgage?
A Tracker rate mortgage is one which changes in line with the Bank of England base rate and is guaranteed to be x% above or below the base rate for...
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What does Standard Variable Rate mean?
This is the interest rate set by the individual bank for their customers. Once a customer’s mortgage has finished their introductory rate, the mortgage usually reverts to the lenders SVR.
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What is Libor rate?
London inter-Bank Offer Rate. The rate at which international banks lend to each other. Libor, which is effectively a measure of the credit crunch, is calculated every business day in...
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How much will I be able to borrow?
This depends on the bank as they all have different ways of calculating affordability. Some use an “income multiplier” which means they multiply your salary by (e.g.) 4. Some banks...
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What does “Credit Scoring” mean?
When a lender receives your application they “credit score” it. You will get more points for having a larger deposit, a good employment history, your name on the electoral register...
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What fees can I expect to pay?
Valuation or survey, booking or arrangement plus legal fees. If you are purchasing you may also need to pay stamp duty as follows:
0% to £125,000, 1% to 250k, 3% to...
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What are early redemption penalties?
Penalty interest charged for paying the mortgage (or part of the mortgage) back early, for example within a fixed rate period
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Can I make overpayments on my mortgage?
Some lenders allow unlimited overpayments, some allow overpayments of up to 10% of the capital balance per annum, some have a monthly limit and some do not allow any overpayments.
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What is a repayment mortgage?
(Otherwise known as a Capital and Interest Mortgage) This is a mortgage where you pay off both the interest and the capital over the term of the mortgage. In the...
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What is an interest only mortgage?
An interest-only loan is where the borrower pays only the interest on the principal balance. This means that they will have to find another way of repaying the capital at...
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Which terms should I choose?
Lenders usually allow mortgages to run for any period from 1 year to up to 40 years. 25 & 30 years are the most common. Borrowers usually like the term...
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Who should I get to arrange my mortgage?
You can either arrange your mortgage directly with a lender, or go to a broker who will arrange it for you. If you go to a lender yourself, they will...
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Which lender should I use?
This question is very tricky to answer, as there are so many lenders offering different mortgages with different criteria and interest rates.
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