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Mortgage Facts
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Whether you’re a first-time buyer or remortgaging, you’ll find all you need to make smart decisions and save money on your mortgage here.
Dig in to learn more about general mortgages facts, tips, and much more:
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 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 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! […]
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 […]
What Credit Score Do You Need For A Mortgage In The UK?
What is a Credit Score? Your credit score is a number that represents how reliable you are when it comes to borrowing money and making repayments. It’s calculated based on your credit history–things like credit card payments, past loan repayments, missed bills, etc. The higher the score, the better. Credit reference agencies like Experian, Equifax […]
Everything You Need To Know About CheckMyFile
What is CheckMyFile? CheckMyFile is a credit reporting service in the UK that gives a complete overview of your credit history. It pulls data from 3 major UK credit agencies: Experian, Equifax, and TransUnion. This gives you a single report showing everything lenders typically see when they decide if you can borrow money. While each […]
Mortgage Underwriter Asking for More Documents? Here’s Why
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 […]
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