The Bank of England’s (BoE) decision to scrap some affordability tests for people taking out a mortgage could mean you’re able to borrow higher sums. However, it’s still crucial that you have confidence in your budget and don’t overextend yourself. From 1 August 2022, lenders won’t have to carry out affordability tests that assess how buyers would cope if interest …
If a previous mortgage deal has ended and you’ve not taken out a new one, you could be paying a much higher rate of interest. If you’re on your lender’s standard variable rate (SVR), read on to find out why a new mortgage deal can make sense. When you take out a mortgage, the deal is for a fixed period, …
How interest is calculated when you take a mortgage could affect your repayments now and in the future. Whether you’re hoping to buy your first home, are ready to move, or your current mortgage deal has ended, understanding your options is important. If you’ve been paying a mortgage over the last decade, you will have benefited from low interest rates. …
When applying for a mortgage, being well-prepared can make a huge difference. Although the mortgage application process can be tricky, doing the relevant research and preparing in advance can make the whole process go more smoothly. One step some buyers choose to take before applying for a mortgage is to secure a mortgage in principle, also known as an “agreement …
