bad credit, uk mortgages

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Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

Valuations and mortgage reports Note, a valuation is not a survey

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

Find out what else is included in the sale

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

This mainly occurs in a sellers market or where the property is of rare value

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

If negotiation is required, these offers and counter offers are known as missives

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

An arrangement fee is typically charged on completion of the mortgage

Alternatively the title deeds will be sent to the mortgage lender in the case of raising finance for the purchase

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage