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What mortgage should I get? First Time Buyer If you are buying a home and have never owned anywhere in the world before, you are classified as a first time buyer. Saving enough money to qualify for a first-time buyer mortgage can be difficult. But lenders often have 90% LTV mortgages and even 95% LTV mortgage deals available, so you’ll only need a 5 or 10% deposit to get on the property ladder. You can borrow up to 100% with a guaranteed mortgage, where someone, usually a family member, agrees to pay the mortgage if you can’t. However, these mortgage deals are very difficult – even a small investment will give you access to a large range of mortgages. Remortgage If you are at the end of your first contract, which could be a fixed rate mortgage or a variable rate mortgage, you should consider a new contract to keep in mind the lender’s standard variable rate your (SVR). If you need something specific, such as a home renovation project, you can also get a loan against your property to increase the size of your mortgage. You can either refinance to a new lender or switch to a different deal from the same bank or building society (this is called a product transfer). Home moving mortgages are also known as home moving mortgages. This is used if you can’t take your current mortgage with you (known as foreclosure) when you move to a new home and therefore need to take out a new mortgage. Be sure to factor any costs of exiting your current mortgage into the initial calculation when calculating your running costs. Most mortgages have early payment charges (ERCs) if you switch to a new deal before the first deal ends. Buy-to-let mortgage A buy-to-let mortgage is required if you want to buy a property to rent out as an investment. These are usually interest-only mortgages, which means you only pay back the interest each month. This means that you must repay the loan amount (principal) at the end of the term. Most lenders require a minimum deposit of 20-25% (although they sometimes require more) and the amount you can borrow depends on your rental income. you make every month for the building. In general, it must cover at least 125% of your monthly interest payments, although the exact figure depends on the lender. How to find the best mortgage rate for you Tell us what you need Tell us your details so we understand your mortgage needs Compare our deals Over 10,000 mortgage deals Which ones to choose you, so we will help you out. Get your mortgage with Mojo You can apply instantly if you want – and we never charge broker fees
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Who is Mojo? Mojo is a free online mortgage broker. We partner with them so you can get all the mortgage help you need in one place. Mojo finds out about your situation, makes sure you qualify, and searches the entire market to help you find the best mortgage for your situation. An expert will be on hand to offer help and advice, and support you through every step of your mortgage application. Trust Pilot
I Have Issues Paying My Mortgage.”
There are many factors that lenders look at when working out how much you can borrow. These include your salary, expenses, any regular expenses and your credit history. Use our affordable rate calculator to see how much lenders will be willing to lend you.
This tool will show you how much equity, or value, you have in your home. Enter the current value of your home, your outstanding mortgage and other debts secured against your home to determine how much equity you have built up in your property over the years. .
Stamp duty is a property transaction tax that you have to pay when you buy a house. It is important to confirm whether you have to pay and how much it will be. Use our calculator to find out how much stamp duty you will have to pay.
Fixed rate mortgage A fixed rate mortgage is an interest rate that is fixed for a fixed period of time. This means your mortgage repayments will not change as long as you have your fixed rate. This is very useful when it comes to budgeting as you will know how much your mortgage payment will be for the life of your contract. However, if the Bank of England base rate falls during your fixed term, you will not benefit from the lower interest rate. You can usually get a 2-year fix, a 5-year fix or a 10-year fix on your mortgage. A variable rate mortgage may be cheaper than a fixed rate mortgage initially but may cost more overall. Variable rate options include discount and tracker mortgages, as well as standard variable rate (SVR) mortgages. Controller mortgage A controller mortgage tracks the Bank of England base rate for a fixed amount. For example, you can get a controller mortgage that is set to monitor two percentage points above the prime rate. This means that when the prime rate rises, your interest rate will rise with it by up to two percentage points. So, if the prime rate is 3%, you will pay interest at 5%. Discount mortgage A discount mortgage offers an interest rate on a fixed sum lower than the borrower’s standard variable rate (SVR). This means it will rise and fall with your lender’s SVR, but the amount set during your initial deal will remain affordable. This discount can be for a fixed period or for the life of the mortgage. Christy Lacey, mortgage specialist at Mojo Mortgages, said: “It’s important to understand the difference between a discount rate and a fixed rate mortgage. Although a discount rate often looks cheaper at first, it is a variable rate, so it can change throughout your contract, meaning it can increase at any time.” A fixed deal may seem more expensive up front, but you’ll have peace of mind that your payments will be Standard Variable Rate Mortgage If you have a fixed, discounted or tracker mortgage A mortgage that’s coming to the end of its first term, you’ll move to Your lender’s SVR is more expensive, as the rate you pay will be set by your lender.However, it can be a good option for those who need some flexibility as you won’t need ERCs pay any. Attitudes must change. For those planning to move soon after their first contract ends, it may be wise to stay on the SVR until they do. Although it may be If the SVR is due to changes in the Bank of England’s base rate, it does not necessarily follow it directly. A closed mortgage allows you to use your savings to reduce the amount of interest you pay on your mortgage. Your savings stack up against your debt. For example, if you have borrowed £200,000 or your mortgage, but have £25,000 in savings, you will only pay interest on £175,000. You can still access your savings but you won’t earn any interest on it. This means that a reverse mortgage is usually only beneficial if you save more in interest than you are paying on your mortgage, than you are making on your savings. Your savings account must be with the same bank or building society as your lender, offset mortgages can be either fixed or variable interest rates. * A representative example of an offset mortgage with £200,000 in debt and £25,000 in savings.
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How much mortgage can I afford? It depends. Lenders calculate how much they think you can borrow based on your salary and other income along with your expenses, which they determine by checking your statements. your bank If you have a good credit score and a relatively large deposit, lenders usually offer a more competitive interest rate, which means you can borrow more for the same monthly payment. If you are currently renting out your home, you may find that your mortgage repayments are lower than buying an equivalent home. However, keep in mind that as a homeowner you are responsible for additional payments, such as building insurance, maintenance costs, repair and replacement of equipment that is not repaired. How much money do I need for a mortgage? The minimum deposit for a standard mortgage is 5% of the property’s value, but whether you can borrow the remaining 95% will depend on your circumstances. Your collection is great,
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