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 […]
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Mortgages with No Early Repayment Charges Explained
Does Furlough Affect Mortgage Application?
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 […]
Mortgage Decision in Principle Explained
You’re ready to buy a home. You’ve saved, you’ve dreamed, and now you’re itching to start viewing properties. But hold on – before you dive into the exciting world of house hunting, there’s a crucial step you might be overlooking. It’s called an Agreement in Principle (AIP), and it could be the key to unlocking […]
Mortgage Bank Statements: What You Need to Know
What Are Bank Statements? Bank statements are financial documents that summarise your account activity over a specific period, usually monthly or quarterly. It includes details such as: Bank statements serve as an official record of your financial activity, providing a clear picture of your income, spending habits, and overall financial health. And when it comes […]
How To Get A Mortgage Approved In The UK?
What Are the Requirements for a Mortgage in the UK? Before you start house hunting, it’s essential to understand what lenders are looking for. Here are the key requirements you’ll need to meet: Image showing all the eligibility criteria for a mortgage. What Do I Need to Get a Mortgage? Gathering the right documents can […]
What’s the Maximum Mortgage Term in the UK?
What’s the Average Mortgage Length in the UK? Traditionally, the average mortgage length in the UK has been about 25 years. But with rising house prices and affordability challenges, lenders now offer longer terms, even up to 40 years. Banks like Barclays, Nationwide, Halifax, HSBC, NatWest, and Santander provide these extended mortgage options. Longer terms […]
