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! […]
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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 […]
How Much Will My Mortgage Go Up After the Latest Rate Hike?
Will My Mortgage Go Up After the Latest Interest Rate Rise? Only if you’re on a variable rate mortgage like a tracker or Standard Variable Rate (SVR). Your mortgage payments will increase following the Bank of England’s (BoE) latest base rate rise. Here’s a quick breakdown: Tracker Mortgages With a tracker mortgage, your interest rate […]
How Hard Is It To Get A Mortgage In The UK?
What Factors Affect Mortgage Approval? Before we dive into the details, it’s important to know the key factors that lenders assess when you apply for a mortgage: Your Deposit Size One of the most critical factors is the size of your deposit. Generally, the larger your deposit, the more favourable your mortgage terms will be. […]
Top 10 Questions Mortgage Lenders Ask and Why
1. What Are Your Earnings and Income Sources? Your mortgage lender will first ask you to declare your income and earnings sources. This helps them estimate your ability to handle monthly mortgage payments. Are you employed? Be upfront about your gross annual salary and provide recent payslips as proof. But remember, income goes beyond just […]
Do I Need To Pay Solicitor Fees When Remortgaging?
When Do You Need a Solicitor for Remortgaging? The main reason most people remortgage is to get a better interest rate and lower their monthly payments. You don’t always need a solicitor for this type of straightforward remortgage with your existing lender. Here are the scenarios where solicitor fees do and don’t apply: You Don’t […]
