Mortgages often have an introductory interest rate for the first 2-5 years, which then expires. After that your mortgage would move to the 'Standard Variable Rate'. However, there are other reasons and scenarios where remortgaging could be a good idea. You can learn more on ourremortgaging...
However lenders will want evidence that the extension period provides you adequate opportunity to repay the outstanding balance. If your're completely unable to repay the loan, and don't qualify for a remortgage or term extension, you would need to sell your home to cover the final payment....
Depending on why you are choosing to release equity, there could also be a number of non-equity release options that would help you to raise the funds needed, if equity release is not for you. For example: Downsize to a more affordable property ...
Additionally, the lender may use a monthly payment based on a 20-year amortization, which would be the remaining period after the typical 10-year IO period. Imagine the loan amount is $400,000 and the start rate is 5.75%. That would equate to an interest-only payment of $1,916.67. Now...
If you have a mortgage loan which has been restructured by the Bank or has been in arrears, then your account(s) may be included in the securitisation. If you would like more information, you can contact our dedicated phone line – details below. ...
This is why seasoning assets is so important. Once they’re seasoned in a verifiable account, they are considered sourced and should be accepted without further review. Ultimately, lenders want to verify that the borrower has established a savings pattern, and that the assets are sufficient to ...
First time buyers would need a 20% deposit to get a 980% LTV mortgage. 95% LTV means your mortgage is worth 95% of the value of your property. These days, most lenders won’t lend on any property that needs a higher LTV. First time buyers would need a 5% deposit to get a 95% ...
46% of homes that went under contract had an accepted offer within the first two weeks on the market, the highest level since June, but down from 53% a year earlier. Homes that sold were on the market for a median of 46 days. That’s up from 27 days a year earlier...
So when it comes to permanent rate buydowns, consider your long-term plan and find the break-even point – that is, how long it would take you to save enough money to outweigh the money spent on buying points. One last caveat: Depending on the type of mortgage you borrow, there ar...
A 60% loan to value (60% LTV) mortgage allows buyers to secure a property with a 40% deposit. Find the best 60% LTV mortgage rates & deals here.