by Henny | Jun 5, 2023 | General
The policyholder can use the benefit to pay for medical expenses, make up for lost income, or cover other costs associated with the illness; even pay off all or some of a mortgage, it’s up to you. The terms of the policy, including the specific illnesses covered,...
by Henny | Jun 5, 2023 | General
To provide financial security for loved ones: Life insurance can provide a financial safety net for your loved ones in the event of your death, helping them to maintain their standard of living and pay for expenses such as funeral costs and outstanding debts. To...
by Henny | Jun 5, 2023 | General
Access to a wide range of mortgage products: Mortgage brokers have access to a wide range of mortgage products from different lenders, which can increase the chances of finding a suitable mortgage for your specific needs. Expert advice: A mortgage broker has the...
by Henny | Jun 2, 2023 | General
Even if you can’t afford the most comprehensive insurance coverage, having some level of protection in place can provide peace of mind and help to mitigate potential financial risks. When it comes to homeowners insurance, it is important to have at least the...
by Henny | May 31, 2023 | General
Here are a few reasons why it is important to consider these types of insurance: Protection for your family: Life insurance can provide financial support for your family if you were to pass away. It can help them to continue paying the mortgage and maintain...
by Henny | May 31, 2023 | General
Lenders will take into account your debt-to-income ratio (DTI) when assessing your application, which is a measure of how much debt you have relative to your income. If you have a high DTI, it can indicate to lenders that you are overextending yourself financially,...
by Henny | May 31, 2023 | General
Overtime, bonus, commission, and employment allowances, such as car allowances, can have an impact on how much you can borrow. Overtime, bonus, and commission income: If you receive regular overtime, bonus, or commission income, lenders may take this into account...
by Henny | May 31, 2023 | General
An interest-only mortgage is a loan in which the borrower pays only the interest on the loan each month. The borrower does not pay down the principal of the loan, which means that the loan balance remains the same over the term of the loan. At the end of the loan...
by Henny | May 31, 2023 | General
Such as: Reviewing and explaining the mortgage contract: A solicitor will review the mortgage contract and explain the terms and conditions to you, ensuring that the contract is fair and that you understand your obligations and rights. Checking the title: A solicitor...
by Henny | May 30, 2023 | General
They can help with: Reviewing and explaining the contract of sale: A solicitor will review the contract of sale and explain the terms and conditions to you, making sure that the contract is fair and that the property is being sold with good title. Checking the title:...
by Henny | May 30, 2023 | General
it’s important to consider the following: Experience and qualifications: Look for a solicitor who has experience in handling property transactions and is qualified to practice conveyancing. Speed of service: It’s important to find a solicitor who can...
by Henny | May 30, 2023 | General
Some common issues include: Incorrect or incomplete information on the application: This can include errors in income, employment, or credit history, which can lead to a denied application or a higher interest rate. A credit score is not high enough: A low credit...
by Henny | May 16, 2023 | General
Improve your credit score: Lenders will check your credit score when you apply for a mortgage, so it’s important to make sure that it’s as high as possible. Pay your bills on time, maintain a low balance on your credit cards, and avoid applying for new...
by Henny | May 16, 2023 | General
This will help to speed up the application process and reduce the time it takes to receive an offer from a lender. Before you start the application process, it’s important to gather all of the necessary documents. This may include proof of income, proof of...
by Henny | May 16, 2023 | General
This typically happens after the sale of a property has been agreed upon and all the legal formalities have been completed. Day one remortgaging can be used for different purposes, such as: Refinancing: It can be used to refinance an existing mortgage, in order...
by Henny | May 16, 2023 | General
You will need to go through the same process of finding a lender and applying for a new mortgage. When you inherit a property, you have a few options, one of them is to remortgage it. However, the process of remortgaging an inherited property can be slightly more...
by Keelan Little | May 10, 2023 | General
The balance of the savings account is then used to offset the outstanding balance of the mortgage, reducing the amount of interest that the borrower has to pay. For example, if the borrower has a mortgage balance of £100,000 and a savings balance of £20,000, the...
by Keelan Little | May 10, 2023 | General
Most mortgages have an early repayment charge (ERC) period, however, during this period most allow you to overpay up to 10% of the outstanding balance. After the ERC period, you will be able to make any amount of overpayment without incurring a charge. Making...
by Keelan Little | May 10, 2023 | General
There are many different options and factors to consider, such as mortgage rates, loan types, and lender requirements. Working with a mortgage broker can help to make the process less stressful and more manageable. A mortgage broker acts as a middleman between the...
by Keelan Little | May 10, 2023 | General
They may have more fluctuations in their income, which makes it difficult to show a consistent income to lenders. However, there are still options available for self-employed individuals to secure a mortgage. When working with a mortgage broker, they will be able...
by Keelan Little | May 10, 2023 | General
Questions to ask yourself: Can you realistically expect your family to provide financial support? How long do you expect the support to last? How will this affect your relationship with your family? Are there any other options available to you, such as...
by Keelan Little | May 10, 2023 | General
When working with a fee-based broker, you typically get a more personalised and comprehensive service, as the broker will work closely with you to understand your financial situation and find a mortgage that meets your specific needs. They often have access to a wider...
by Keelan Little | May 10, 2023 | General
The remortgage process typically involves several steps: Applying for a remortgage: The first step is to find a lender and apply for a remortgage. This usually involves filling out an application form and providing the lender with proof of income, employment, and...
by Keelan Little | May 10, 2023 | General
Some of the key considerations that lenders will look at when determining how much you can borrow include: Debt-to-income ratio: Lenders will typically look at your monthly debt payments (including the proposed mortgage payment) and compare them to your gross...
