Mortgages FAQ's

Q	Must I clear my mortgage by a certain age?
A	Mortgages are usually designed to be repaid no later than the borrowers normal retirement age. That is normally 65 for employed people (male and female) and 70 for self employed. Most lenders will consider a longer term providing the borrower has enough income after retirement.
Q	Can I get a mortgage offer before I find a property?
A	Yes an agreement in principle can be offered to get the process going but the lender won't make a formal mortgage offer until a valuation has been carried out on the property you wish to buy or re-mortgage.
Q	What is a buy to let?
A	Buy to let mortgages are designed for people who want to buy a property and let it out to tenants. Buy to let is becoming a popular way for private landlords to invest. They provide income from the tenants' rental payments and growth from any increase in the property value.
Q	Do county court judgments always disqualify me?
A	If a county court rules against you for defaulting on a debt, that listing is listed on your credit rating. Having such a judgment listed against you may mean it is difficult to obtain a mortgage through most lenders. However there are a number of increasing specialist lenders who will lend to people with a CCJ or other credit problems.
Q	How do I repay capital with an interest only loan?
A	If you have an interest only mortgage, your monthly payments will pay off the interest on your mortgage but not the money you initially borrowed. You can pay off the original loan you borrowed any way you choose, but you often have to inform the lender at the start how you intend to do this. Most people often set up and save money in a separate plan designed to pay off the capital when the mortgage term is complete. The main options for saving in this way are in an ISA, an endowment policy or a pension.
Q	Do I always need life insurance?
A	We can provide an independent view along with quotes and discount the commission from leading providers and make the costs cheaper than normally going direct. You may also want to consider taking out critical illness cover, which would pay your mortgage if you suffer an illness, which would affect your earning power, such as a stroke or cancer.
Q	What happens if I lose my job?
A	If you lose your job and cannot pay your mortgage payments your house could be at risk. It is strongly recommended that you take out a mortgage accident sickness and redundancy policy.