Guide to Mortgages
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Q. How long does it take before you know if your application has been approved?
A. It varies between Lenders. It can take anything from a few days to several weeks to get your mortgage offer. Knowing this, you should make sure that you get your application underway as soon as your offer has been accepted on a property.
Q. My Endowment policy is not on track to pay off my mortgage, what can I do?
A. Contact the company who sold you the policy and find out the exact situation. They will be able to advise you on the individual policy.
Q. I have been declined for a mortgage, now what?
A. Firstly, check your credit report www.experian.co.uk. This may show the reason for you being refused. If your credit report is clear, it may be worth contacting a Broker who is able to search the whole market for you. If you have to use a Sub Prime Lender, this may result in you making higher repayments. However this may only be for a short period, as your credit ratings will improve with regular repayments.
Q. How do I know if I can afford my repayments when my fixed rate has finished in 2 years?
A. Nobody really knows exactly what will happen with interest rates from one year to the next. Therefore it is important to budget for interest rate increases to make sure that you can afford the repayments if interest rates do rise. Use our mortgage calculators to help you.
Q. I am self employed and have been for 18 months, can I get a mortgage?
A. You should always approach the mainstream Lenders first as they often offer competitive rates. If you are not successful with the mainstream Lenders, it may be possible to apply for a self certification mortgage.
Q. I am working on a temporary contract, can I get a mortgage?
A. You should be able to get a mortgage as long as you have good credit rating. Click here to check your credit rating with www.experian.co.uk
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