Nottingham Building Society Mortgages
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Nottingham Building Society Mortgages FAQ
What are Nottingham Building Society mortgages?
Nottingham Building Society mortgages are a financial product provided to those wishing to borrow in order to purchase a property. Two of the most common types are buy-to-let and residential mortgages.
Buy-to-let and residential mortgages: how do they differ?
Buy-to-let mortgages are sought by people who wish to borrow to finance the purchase of a property, for the purposes of renting it out to a tenant of their own. Residential mortgages are aimed at customers who simply wish to finance the purchase of a property to live in themselves.
How long does a mortgage term last?
Mortgage terms are typically several years long in duration—think of a mortgage as a long-term financial commitment. You will be required to repay your mortgage in monthly instalments over a term which could last several decades.
What is loan-to-value?
Loan-to-value (LTV) is the ratio at which you can borrow, measured as a proportion of a property’s value. For example, a Nottingham Building Society mortgage with an LTV of 75% would entail three quarters of a property’s value being covered by the mortgage itself, with the remaining quarter needing to be secured using a deposit.
Are lower LTVs less risky for borrowers?
A lower LTV means having a higher deposit to present to your provider. This reduces risk for the provider, so you can expect lower levels of interest in your monthly mortgage repayments.
What happens if I fail to repay my mortgage?
Consistent failure to repay a mortgage could result in you losing your home, as it might have to be sold off to repay debts you owe. In addition, your credit rating would be downgraded, making it harder to request loans in the future.
What information will a provider need for a mortgage?
In order to acquire a mortgage, you would need to provide evidence of your identity, as well as documents such as payslips, tax or utility bills and proof of other basic outgoings. Bank statements dating back over the last three to six months are especially important as well.
What is an interest-only mortgage?
Nottingham Building Society and a number of other lenders can offer products which requires the borrower to simply pay back the interest payments on their mortgage for the duration of the mortgage term. When the term concludes, the outstanding mortgage debt is still owed.
Does switching to an interest-only mortgage affect my credit rating?
Switching from a repayment to an interest-only mortgage with Nottingham Building Society (or any other provider) shouldn’t have an effect on your credit rating but always check with your provider.
Services offered by this provider may change over time. Always check Ts&Cs.