This can be defined as the general administrative or booking fees charged by the mortgage lender to set up and secure your loan.
Also known as the borrowing rate at which the banks borrow money. It is essentially the cost of money at the time as set by the Government. All interest rates offered by mortgage providers will reflect the base rate to varying degrees.
A buy to let mortgage is a loan designed specifically for landlords to purchase a rent-out property. Generally, an interest-only type of mortgage this includes monthly payments coming out of the rental income received. Rest of the mortgage is paid off when the property is eventually sold.
Is also known as the amount of money you are actually borrowing.
Essentially a profile of your previous dealings that enables a lender to analyze how much of a risky investment you may be. How promptly you repay debts? How many loans or credit cards you have taken out or used throughout your life? Simply put your credit rating directly influences your loans, mortgages and financing with good interest rates.
In order to take in a mortgage you have to pay a basic amount. It generally amounts to around 25% of the total value of the property and the rest is paid up with the mortgage itself.
Its the share or portion of the property that you actually own, as opposed to the share that you borrow as part of your mortgage. This can go up either as your property increases in value or as you pay off more and more of your mortgage.
A fixed-rate mortgage can be defined as the one with an interest rate that stays the same for a set term of either two, three, four, five or ten years. This enables you to manage your budget well into the future and you’ll be safe from rising interest rates.
With this kind of mortgage, you’ll be flexible enough to underpay, overpay and in some cases not pay at all each month without incurring any extra charges.
Or most importantly the cost of the mortgage – it is the amount that is added to what you borrow (i.e. the capital) each month until the entire loan is paid off.
This is the kind of mortgage where the monthly repayments consist solely of the interest charged. This does not contribute to reducing the capital borrowed, which is paid off in full at the end of the term. In this case, the lender must agree to the repayment vehicle whilst the mortgage is being arranged.
This is known as the difference between the amount borrowed and the total value of the property. Here the remainder is paid upfront as a deposit.
The loan taken out or secured against a property is called Mortgage.
A mortgage lender can be anyone or any place like, a bank, building society or other financial institution that will offer mortgages.
This is the amount of time you have to pay the loan off.
These are the charges you must pay when you pay off your mortgage before the end of a fixed-rate term is up.
The monthly repayments consist of a combination of a portion of the capital owed and the interest charged. This is called repayment mortgage and these are different to interest-only mortgages.
This is the basic kind of mortgage and is taken out on a residential property.
The standard variable rate (SVR) is the basic representative rate at which a lender will charge interest on variable rate mortgages. This differs for different lenders and fluctuates according to a variety of criteria.
Is one where the interest rate directly tracks the bank base rate, staying consistently at a set percentage above it. It is usually between 0.5% and 2%.
For the valuation of the property a basic fee is charged by the lender. This is then used as security for the mortgage.
The interest rate which changes according to the particular lender’s standard variable rate is called Variable Rate Mortgage.
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