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FAQs These are just some of the questions that we get asked every day. We don’t mind how many times we are asked these questions because it is our job to know the answers – that’s why we are here. There is a solution to every problem – just pick up the phone and ask us! Q.
How much can I borrow? Q. Can I reduce my payments by extending the term of my mortgage? Q. I am currently in an IVA. Can I apply for a mortgage? A. This will vary for
one lender to another. Some work on income multiples and others now use
affordability calculators. The more important question that you should
first ask yourself is ‘How much can I safely afford to repay?’ and then base
your borrowing on that. If you have done your sums realistically there will
normally be a lender willing to offer you the advance you require. Use our
Mortgage Calculator to assist you or phone us for a personalised
illustration. A. Most lenders will
accept interest only payments without requiring any repayment vehicle (eg
endowment, ISA or pension) to be in force. But remember that you will have
to repay the capital at some point – usually from the sale of the property -
and that a pure interest only mortgage is only suitable in certain
circumstances. Q. Can I reduce my payments by extending the term of my mortgage? A. Yes, although
traditionally most people initially opt for a 25 year term, it is possible
to obtain a 30, 35 or even 40 year term from some lenders. A. Again, all lenders
have different criteria, but there are lenders now in the market who will
allow you to apply for a mortgage just one month (and less!) after
discharge. Q. I am currently in an IVA. Can I apply for a mortgage? A. Providing the IVA has
been satisfactorily conducted for a period of at least six months there are
many lenders who would be prepared to consider an application. A. That’s what we’re here
for! The vast majority of cases declined by the traditional high street
lenders can be placed competitively in the market – often with a subsidiary
of the lender that turned you down! A. Yes. Many lenders now
class DWP benefits in the same way as earned income. Q.
I have only just registered as self-employed and won’t have any accounts for
at least 10 months. Do I need to wait until my accounts are ready to apply
for a mortgage? A. No. There are a
number of lenders who do not require any minimum ‘qualifying’ period of
self-employment. A. Most lenders will
accept the Self-Assessment figures as ratified by your tax office without
requiring formal accounts. Alternatively, you could elect to self-certify
your income. A. Yes we can. There are
a number of lenders available who will consider ‘unlimited’ arrears on an
existing mortgage and ignore the late payments providing that all
liabilities are going to be consolidated.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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