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What Is Mortgage Retention? Mortgage retention occurs when a lender decides not to release the full mortgage amount upfront. Instead, they hold back a portion of the funds until certain conditions are met.  This usually happens when a surveyor identifies essential work that needs to be done on the property to bring it up to […]

What Is Mortgage Redundancy Cover? Mortgage redundancy cover, also known as redundancy insurance or mortgage protection insurance redundancy, is a financial safety net designed to help you keep up with your mortgage payments if you lose your job.  In today’s uncertain job market, many homeowners worry about how they’d manage their mortgage if they were […]

What Is a Mortgage Offer? Let’s break it down simply: a mortgage offer is a formal letter from a lender saying they’re ready to lend you money to buy a house, but with strings attached. Here’s what it usually includes: Remember, a mortgage offer isn’t the same as a mortgage in principle or an agreement […]

How Do Mortgages Work in Northern Ireland? Mortgages in Northern Ireland are quite similar to those in the rest of the UK. You borrow funds from a lender to buy a home and repay them over 25 to 35 years.  Your home is the collateral, meaning if you miss payments, the lender can take it […]

What Are Early Repayment Charges? An early repayment charge is a fee your lender may impose if you pay off your mortgage earlier than the agreed term.  This can happen if you:  ERCs are typically calculated as a percentage of your remaining loan balance, usually ranging from 1% to 5%.  For instance, if you have […]

What is Furlough and How Does it Impact Mortgages? Furlough, part of the UK government’s Coronavirus Job Retention Scheme, allowed employers to keep staff on payroll while reducing their hours or pausing their work entirely.  While on furlough, you received up to 80% of your salary, capped at £2,500 per month. This reduction in income […]