Mortgage Facts

Are you considering a move this year? It’s an exciting milestone, but careful planning and budgeting are key. From hiring movers to paying legal fees, the costs can quickly add up.  In this complete guide, we’ll explore the costs you can expect when moving homes in the UK in 2024, helping you prepare accordingly. What […]

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 […]

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! […]

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 […]

Applying for a mortgage can feel like one big guessing game when it comes to your credit score. How high does it really need to be? Is there a magic number that will unlock the best rates? 🤔 You’ve probably heard lenders just want to see an “excellent” rating. But what actually constitutes excellent differs […]

Ever wonder how good your credit score is?  Because let’s face it, a strong score unlocks better deals on mortgages, especially for homebuyers. In the UK, mortgage lenders don’t just peek at one report. They check multiple credit agencies to get a complete picture of your financial health. Here’s where CheckMyFile steps in. It combines […]

Why Underwriters Need More Documents for Your Mortgage? When you apply for a mortgage, you’ll submit various documents like payslips, bank statements, and IDs.  But underwriters aren’t just checking these basics – they need the full picture of your finances. Here’s what they’re looking for and why they might request more documents: Why Couldn’t They […]