What does a Mortgage Broker do?

It is important that you ask your mortgages broker at the outset if they are truly independent, or if they are tied to any particular lenders. If the broker is tied, then they will only be able to give you access to the products and services from a limited range of lenders. If they are independent, however, then there will be no such restrictions. The database searched by an independent broker is constantly updated and has details of the latest deals. Often, if a mortgage broker handles a significant volume of business, then they have access to some exclusive mortgage products which are not available elsewhere. The broker will then choose the products which best suit your needs, allowing you to compare with the thousands of others available on the market.

How Does the Mortgage Application Process Work?

When you apply for a mortgage, it is not a forgone conclusion that you will be offered one. If the lender is initially satisfied with your application, they will first provide you with an agreement in principle. This provides confirmation that they are willing to lend to you and will allow you to book a specific mortgage product. When your formal application is made, and you have met all of the lender’s requirements, you will then be made a formal offer. If you accept, then this will be sent to your chosen solicitor as confirmation that the lender will provide the money when the time comes to exchange contracts. The offer may be made on condition that you immediately take out buildings insurance for the property that you propose to purchase, so that you are covered should something happen that will affect its value.

What is A Mortgage?

A mortgage is a loan you take out from a mortgage lender to pay for a property. On average the Mortgage length will be 25 years. Many Lenders will lend 75 to 80% of the Mortgage Value(Price of House) meaning that you will have to find 20 to 25% (money).There are some Mortgage Lenders that will lend 100% of the Mortgage price.
See Mortgage Costs to find how much it costs when taking out a Mortgages If you don't pay back the loan as agreed the lender can take possession of the property and sell it to repay the loan. The loan is divided into the capital (i.e. the amount of money you borrowed to buy your property) and the interest (i.e. the amount the mortgage lender charges for lending you the money - which is why they're in business). If you don't pay back the loan as agreed the lender can take possession of the property and sell it to repay the loan. The loan is divided into the capital (i.e. the amount of money you borrowed to buy your property) and the interest (i.e. the amount the mortgage lender charges for lending you the money - which is why they're in business). You'll see hundreds of different names for mortgages. Ignore them. They all boil down to the two main types of mortgage,

What is a Chain?

Usually when you're buying a new home you are depending on the sale of your old home to finance the new one. If the people buying from you are also depending on others buying/selling their homes then this is a "chain". The problem is that no one can move 'till everyone's ready and one failure along the line will beak the whole "chain."

Base Rate Tracker Mortgage

These can get very complicated but in theory they're simply a mortgage that tracks the Bank of England base rate at an agreed rate. So you might have a Base Rate Tracker Mortgage which sets your mortgage at 1% above the base rate for, say, the first two years.

APR

Annual percentage rate. A term defined in consumer credit legislation with the intention of providing a standard basis for comparing different forms of credit. It has had limited success and can be confusing. For example, case law has established that a lender can quote a mortgage APR based on a short-term fixed rate without including in the calculation the fact that, at the end of the fixed rate period, the rate will change. The allowable assumption is that the rate will continue throughout the mortgage term. The calculation must however include the 'total charge for credit' which includes such things as arrangement fees, valuation fees etc and so does have some merit. The concept is overdue for overhaul and redefinition.

What is A Mortgage?

A mortgage is a loan you take out from a mortgage lender to pay for a property. On average the Mortgage length will be 25 years. Many Lenders will lend 75 to 80% of the Mortgage Value(Price of House) meaning that you will have to find 20 to 25% (money).There are some Mortgage Lenders that will lend 100% of the Mortgage price.
See Mortgage Costs to find how much it costs when taking out a Mortgages If you don't pay back the loan as agreed the lender can take possession of the property and sell it to repay the loan. The loan is divided into the capital (i.e. the amount of money you borrowed to buy your property) and the interest (i.e. the amount the mortgage lender charges for lending you the money - which is why they're in business). If you don't pay back the loan as agreed the lender can take possession of the property and sell it to repay the loan. The loan is divided into the capital (i.e. the amount of money you borrowed to buy your property) and the interest (i.e. the amount the mortgage lender charges for lending you the money - which is why they're in business). You'll see hundreds of different names for mortgages. Ignore them. They all boil down to the two main types of mortgage,

What is a Chain?

Usually when you're buying a new home you are depending on the sale of your old home to finance the new one. If the people buying from you are also depending on others buying/selling their homes then this is a "chain". The problem is that no one can move 'till everyone's ready and one failure along the line will beak the whole "chain."

Base Rate Tracker Mortgage

These can get very complicated but in theory they're simply a mortgage that tracks the Bank of England base rate at an agreed rate. So you might have a Base Rate Tracker Mortgage which sets your mortgage at 1% above the base rate for, say, the first two years.

APR

Annual percentage rate. A term defined in consumer credit legislation with the intention of providing a standard basis for comparing different forms of credit. It has had limited success and can be confusing. For example, case law has established that a lender can quote a mortgage APR based on a short-term fixed rate without including in the calculation the fact that, at the end of the fixed rate period, the rate will change. The allowable assumption is that the rate will continue throughout the mortgage term. The calculation must however include the 'total charge for credit' which includes such things as arrangement fees, valuation fees etc and so does have some merit. The concept is overdue for overhaul and redefinition.