John Fitzsimons
John Fitzsimons has been writing about finance since 2007. He is the former editor of Mortgage Solutions and loveMONEY and his work has appeared in The Sunday Times, The Mirror, The Sun and Forbes.
Articles by John Fitzsimons:
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First-time buyers pause plans due to pandemic but welcome 95% mortgage scheme
Our NerdWallet survey of the UK mortgage market delves into the challenges that homeowners have faced in getting a mortgage and reveals how the pandemic has affected the plans of prospective buyers.
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Mortgage Guarantee Scheme: How the New 5% Deposit Programme Works
The new mortgage guarantee scheme, unrelated to Help to Buy, is expected to encourage more lenders to offer mortgages to buyers with a deposit of as little as 5%. The scheme should make it easier to purchase a home with a low deposit mortgage.
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What’s the difference between a fixed and variable mortgage?
Mortgage interest can be charged in two ways: through a fixed rate, where the interest rate remains stable, or a variable rate, where the interest rate can change over time.
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What’s the difference between freehold and leasehold?
UK homeowners have two main options: freehold and leasehold. With freehold, you own the property and land. With leasehold, you own the property for a fixed period of time but not the land it is built on.
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Should I get an interest-only or repayment mortgage?
There are two ways interest can be charged on your loan. With an interest-only mortgage, your monthly payments only cover the interest charged on your loan. With a repayment mortgage, your monthly payments also go towards the initial sum you borrowed.
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Equity release or remortgage: Which is right for you?
If you are a homeowner with an existing mortgage, you can tap into your home's equity through remortgage, where you switch from one mortgage deal to another. Older borrowers can also opt for an equity release plan and borrow against a portion of their property's equity.
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How to get a low deposit mortgage
The smallest deposit that you can buy a house with currently is 5%. A more common ‘low’ deposit is 10%, as borrowers have far more options if they are looking to borrow 90% of the property’s value, or LTV.
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How to get help with a mortgage deposit
The larger your deposit, the less you have to borrow to cover the cost of your home, which often means lower interest rates. A few schemes and options are available to help build as big of a deposit as possible.
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What is a 95 LTV mortgage and can I get one?
A high LTV means you borrow more and put down a smaller deposit. That may mean higher interest rates, higher product fees, or both.
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What homeowners need to know about taking out a second charge mortgage
A second charge mortgage lets you turn some of your home equity into funds you can use for a variety of reasons. If you take out a second charge mortgage, also known as a second mortgage or a homeowner loan, the amount you can borrow is limited by the amount of property equity you have.
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How A Bridging Loan Can Finance Property Purchases
A bridging loan acts as a bridge between the sale of one property and the purchasing of another. It is a short-term option that helps bridge a gap, making it possible to buy a new house before selling your old one.
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Funding Your Property Purchase With a Let-to-Buy Mortgage
With a let-to-buy mortgage, you have two mortgages with the same lender. A let-to-buy mortgage allows you to purchase a new home and let out your existing property to tenants to bring in extra income. It is different from a buy-to-let mortgage.
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How To Use A Second Home Mortgage To Buy Another Property
If you want to buy a second property, a second-home mortgage should help. It works like a normal residential mortgage, but allows you to purchase a second home while you still have an existing mortgage.
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Is equity release right for you? Know the pros and cons
Equity release is a type of loan that allows older borrowers to access some of the money tied up in their property. It can supplement pension savings, aid home renovations, and more. If you’re considering it, make sure you know the potential risks.
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What to do about negative equity: Know your options
Negative equity means the value of your home is less than the amount you still owe on your mortgage, making it hard to remortgage or move house. Fortunately, you have a couple of options when it comes to finding an exit route.
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How to tap into your property’s value through equity release
Equity release is a type of loan that allows older borrowers to access some of the money tied up in their property. There are different types, like a lifetime mortgage or a home reversion plan. How much you can borrow will depend on your age, the lender and your property’s value.
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What is house equity and why does it matter?
House equity is the difference between the market value of your home and what you still owe on your mortgage. Ideally, it should be a positive number that increases over time. Mortgage payments and home improvements can speed up the process and give you more financial freedom.
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Is it a Good Idea to Use an Online Mortgage Advisor or Broker?
Online mortgage advisors have become popular in recent years by making the mortgage process easier. They work slightly differently to traditional advisors and brokers, so finding the right one will require some research.
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How Mortgage Rates Work
Your mortgage interest rate is the rate charged by a lender to borrow from them. A fixed-rate mortgage offers a set percentage that won’t change. With a variable rate mortgage, like a tracker mortgage, rates can go up or down. Discount mortgages follow a standard variable rate set by your lender.
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What To Know About Mortgage Lenders Before You Buy a New Home
If you plan to buy a new home or remortgage, it is best to familiarise yourself with how mortgage lenders work. Some only offer deals through brokers, while others review borrower’s criteria and then charge for their services.
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What to Know About Getting an Employee Loan Through Work
Employers can offer loans to their employees in a few different ways. Employee loans can come directly from your place of work or a third party.
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Need to Borrow? Consider a Credit Union Loan
Credit unions offer a variety of loan products to their members. If you need to borrow money, a credit union loan can be an option worth considering.
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What to Know About Online Loans
Online loans make it easy to borrow money without visiting a bank in person. Online lenders offer a variety of loan products, including mortgages, personal loans and short-term loans.
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Can You Get a Loan if You’re Self-Employed?
Loans for self-employed workers can be difficult to obtain, but they aren’t impossible. We explain how to apply, where to borrow, and what to do if you have bad credit.
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What Happens if You Default on Your Loan
If you miss loan repayments, you might receive a notice of default from your lender warning that you have broken your credit agreement. If you can't pay your debt, you risk a full default on your loan. If that happens, the loan default will remain on your credit report for six years.
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Conveyancing Fees: The Cost When Buying and Selling
Conveyancers transfer the ownership of a property from one party to another, and you will need one when buying or selling a home. A few common conveyancing fees include land registration fees, transfer fees and local authority searches.
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Moving? Here’s What You Should Know About House Removal
House removals can ease the stress of moving house by handling the heavy lifting for you. Several factors, such as distance, the services needed and the number of items, determine house removal cost, so finding the right company is important to keeping your move affordable.
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Want to Know What a House is Worth? Get a House Valuation
Whether you’re remortgaging, buying, selling, or applying for a mortgage, a house valuation is a critical tool to ensure you know the correct price of a property. House valuations can be informal or official and carried out by a chartered surveyor.
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What Homebuyers Need to Know About Getting a House Survey
If you’re buying a new home, you probably want to know exactly what you’re buying. Fortunately, professional surveyors can inspect the property as part of a homebuyers report. We explain the three main types of house surveys and how much they might cost.
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Mortgage Tips for First-Time Home Buyers
A few moves in advance making an offer and then shopping around can lead you to a good deal on your first home.
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Selling a House With a Mortgage: Key Things to Know
Proceeds from the sale of your house often go toward your new home. Find out what’s involved and what you may need to consider.
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Tips for Managing Your Mortgage
Managing your mortgage includes paying fees upfront, making extra payments if you can, and always minding your rate.
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Fixed-Rate Mortgage: What is it and How it Works
A fixed-rate mortgage ensures your interest rate won’t change for the first two to 10 years of repayment. When the fixed period ends, you can pay the standard variable rate or remortgage.
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Discount Mortgages: Is a Lower Rate Worth the Possible Risks?
A discount rate mortgage tracks a lender's standard variable rate, but at a discount. There are pros and cons to this sort of loan.
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Variable-Rate Mortgages: Right for Some But Not for Others
The interest rate charged on a variable-rate mortgage can go up or down during the term of your loan. This can work for or against you.
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What's Involved in an Exchange of Contracts?
Near the end of a property transaction, both parties sign contracts explaining what is expected of each as part of the deal.
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Property Chains: How to Manage and Navigate the Links
Many home sales are reliant in some way or another on a larger chain of property transactions.
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Mortgage Process: How to Get Your Home
From saving up a deposit to finding the right mortgage, here's the road to buying a home.
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Breaking Down Your Completion Statement
A completion statement is effectively the bill for the purchase of a property, laying out what you need to pay.
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Costs of Buying a House: Numbers You Need to Know
The price of the property you want to buy is just one part of the total cost. You'll also have to include a range of fees for services.
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Mortgage Payments: Ins and Outs of Your Biggest Outgoing
How much you borrowed and for how long, plus other terms of the deal, play the largest part in your mortgage payment amount.
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Mortgage in Principle: What to Know About This Agreement
Having a mortgage agreement in principle in hand when you offer on a property can be a big boost in the eyes of the seller.
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How Much Mortgage Can I Afford?
Taking stock of your finances and deciding what amount of monthly repayment you're able to take on will help guide your mortgage and home search.
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Loans With Bad Credit: What to Know & How to Get One
If you have bad credit, it's easy to think you won’t be able to get a loan. But there might be options available, as well as ways to boost your credit score.
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Low-Interest Loans Explained
Interest rates vary depending on the type of loan and your personal credit rating, but there are steps you can take to get the best possible rate.
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Do I Need a Mortgage Adviser?
Mortgage advisers can guide you on which sort of mortgage best suits your needs, and they may charge a fee for their advice. Learn the pros and cons and what to ask them.
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What is a Mortgage? How it Works
A mortgage is the type of loan you get to buy a home or land, and you pay it back with a monthly repayment, often over 25 or 30 years, after making a deposit when you first get the loan.
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Applying for a Mortgage: What’s Required
First compare mortgages, and then prepare to provide valid identification, proof of address, P60, pay slips, bank statements and other documents when you apply.
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Lifetime ISA: Bonus on Savings for a Home or Retirement
If you’re age 18 to 40, you can open a lifetime ISA (individual savings account) and earn a 25% annual bonus on up to £4,000 in savings until you reach age 50.
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What LTV Means for a Mortgage
LTV stands for loan-to-value. It represents the relationship between the size of a mortgage and a property’s value, and it determines how much your deposit needs to be when you buy a house.
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