What Is a Mortgage in Principle? But first, let’s quickly recap what a mortgage in principle actually is. A mortgage in principle, also called a decision in principle (AIP), is a lender’s estimate of how much they might be willing to lend you. It involves basic checks into your income, outgoings, and credit history, but […]
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What Can Go Wrong With A Mortgage In Principle?
How Much Does It Cost to Move Home in the UK in 2024?
What Is The Average Cost Of Moving A House In The UK? The average cost of moving house in the UK is approximately £12,187. But this figure can vary considerably depending on several factors. These include the location you’re moving to, the property size, the distance you’re travelling, and any extra services you need. When […]
How To Change From Tenants in Common to Joint Tenants?
What’s The Difference Between Tenants in Common And Joint Tenancy? First, let‘s define the two ways to co-own a property. Tenants in Common Each of you owns a specific share that can be equal or different. For example, you might own 75%, and your partner owns 25%, or any other percentage. In this setup, you […]
What Happens If I Lose My Job After Exchanging Contracts?
Can My Mortgage be Withdrawn If I’m Made Redundant? Yes, your lender can pull your mortgage offer if you lose your job before completion. Getting a mortgage relies heavily on proving you can afford the repayments with your income. If you lose that income, the main reason they approved the mortgage disappears. That said, depending […]
How To Be Mortgage Free Once And For All
First, Why Pay Off Your Mortgage Early? There are many advantages to becoming mortgage-free sooner rather than later. Here’s what you gain: For example, on a £200,000 mortgage at 3.5% interest over 25 years, you’d pay £101,140 in interest. By paying it off in 15 years, that drops to £62,512 – a whopping £38,628 saved! […]
How Do Digital Nomads Get Approved for a Mortgage?
How Mortgage Lenders View Digital Nomads Mortgage lenders see digital nomads – people who work remotely and earn money online while travelling – as self-employed. With an estimated 35 million people now identifying as digital nomads, mortgage lenders are increasingly adapting their criteria to accommodate this growing demographic. However, this lifestyle offers flexibility at the […]
