Find out all about mortgages in the UK, from what types are offered to the salary multiples that banks use in assessing your ability to buy.

The UK mortgage market is one of the top most innovative and competitive markets in the world.  The UK mortgage market differs in comparison to other countries in that there is no intervention by the state or state funded entities.

In the UK mortgage market, lenders usually charge a valuation fee, which pays for a chartered surveyor to visit the property and ensure it is worth enough to cover the mortgage amount.  Such type of survey is not a full survey.  That is why it may not identify all the defects that a house buyer needs to know about, nor does it form a contract between the surveyor and the buyer.

Some UK mortgage types:

• In the case of “repayment mortgages”, each monthly payment pays off a little of the underlying debt, as well as interest on the loans.  After the completion of the term, the mortgage is then cleared.
• In the case of “endowment mortgages”, an endowment policy is provided to life insurance and saved funds to repay the loan at the end of the term (generally 20-25 years).  If the investment performs badly, then a shortfall is added to your loan at the end of the repayment period.
• In the case of “individual savings account (ISA) mortgages”, an ISA (much like an endowment) is used as the loan repayment method.  If your investment performs badly, you could face a shortfall at the end of the UK mortgage term.
• In the case of “pension mortgages”, which are similar to both ISA and endowment UK mortgages, but work on the basis that pensions provide tax-free cash on retirement.  After the end of the mortgage term, the loan is paid out of your tax-free lump sum.

Some facts on obtaining a UK mortgage:

• What is a UK mortgage?  A UK mortgage is a loan – usually from a bank or building society to buy a home.  You borrow money and pay it back to the lender with interest over a set period of time known as the “term”.  This loan is secured against the home you buy – if for any reason you cannot repay your UK mortgage payments.
• How much can I borrow?  The amount you can borrow depends on your circumstances.  Traditionally, UK mortgage providers will lend up to 3 ½ times your salary (before taxes).  If you’re buying as a couple, they may multiple your joint income by 2.5.
• What do lenders want to know?  Each UK mortgage lender considers mortgage applications differently.  You should keep full details of your employment, salary and history on hand – plus a record of previous, regular UK mortgage or rentals payments.
• Do I need a deposit?  Traditionally, UK mortgage lenders expect buyers to save a cash deposit of between 5% and 10% of the property’s value, to be paid up-front.  This is still a sensible thing to do if you can, as it reduces the total amount you need to borrow. 
• What other costs are involved?  When you apply for a UK mortgage, providers should give you a Key Facts document about their company’s services, and a KFI (Key Facts Illustration) about the particular UK mortgage you want.

Note:  For more information, please contact a lender directly and/or your local regulatory body.  The information included in this article is for discussion purposes only and should not be deemed financial advice.

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Read Jon Danzig’s article, “How to stand up to bullies”: http://www.debtwizard.com/images/stories/files/How%20to%20stand%20up%20to%20bullies%20-%20Jon%20Danzig.pdf

My identity was stolen. Someone pretending to be me went to a loan company, QuickQuid, and borrowed £400 at 5,200% APR interest. Then QuickQuid wrote to me demanding repayment.

This edition of ‘You and Yours’ (audio only) was first broadcast on BBC Radio Four on Wednesday 25 January 2012. Permission to re-broadcast on YouTube for personal use only granted by the BBC and Jon also has permission from BBC Worldwide Ltd to broadcast his BBC contributions on his internet showreel here. Sound broadcast copyright of BBC; pictorial content compiled by Jon Danzig.

The original BBC Radio 4 broadcast can be heard at:
http://www.bbc.co.uk/iplayer/episode/b019rqh3/You_and_Yours_25_01_2012/?%20t=10m17s

‘QuickQuid’ is the registered trademark of CASHEURONET UK LLC

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mortgage rates in the UK have been rising over the last few weeks here in the UK, a number of lenders have re released their UK mortgage rates for both purchase first time buyers and remortgages alike. Most mortgage lenders have adjusted the fixed rates and tracker rate ranges however there are still some great mortgage rates available if you speak to one of our expert advisors here at MMI Brokers where you may be able to beat the rate increases.

So weather you are employed or self employed we can help find the best mortgage deal for your circumstances. Buy to let rates are currently stable but what you need to avoid is the high arrangement fees currently being charged so to help you through the buy to let minefield call us today for details.

Call Now 0207 139 3699
info@mmibrokers.com

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Would you do this if it meant getting your mortgage paid?

There was a similar scheme out in the US to help with the car payments with advertising spread all over them. They tried that scheme over here in the U.K and it fell flat on it’s face.

I don’t think the councils would approve I mean we can’t fly our flag without upsetting them, so I doubt they would allow something as dramatic as that to happen here. Maybe if they were just boards like we see on the odd houses but not a full house makeover.

Although if it was done for a charitable organization I think it may get approval for a short period of time.

But answering your question yes if I could get my mortgage paid in full I would do this as long as I could choose whom I allowed them to advertise. (wouldn’t want a durex advert or anusol advert plastered all over my house)

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