Page 6 of 8 - Mortgages

John Fitzsimons

Equity release can provide a useful way for older homeowners to access the capital built up in their property. It won’t be suitable for all, but in the right circumstances equity release could be used to supplement your pension income or provide a lump sum, all while you remain living in your home.

John Fitzsimons

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.

John Fitzsimons

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.

John Fitzsimons

House equity is the difference between the market value of your home and the amount you owe on your mortgage and secured loans. So it’s how much you own of your property. Ideally, your home equity will increase over time as you make mortgage payments and if the value of your home rises.

Rachel Lacey

Property is an expensive investment. Pensions are supported by government tax relief, employer contributions and more. Both can help fund your retirement.

John Fitzsimons

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.

John Fitzsimons

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.

John Fitzsimons

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.

Ruth Jackson-Kirby

A tracker mortgage is a type of variable rate mortgage where the interest rate tracks another rate. Usually this will be the Bank of England base rate, though the rate you pay typically has a margin added on top.

Ruth Jackson-Kirby

A standard variable rate (SVR) is the interest rate set by your mortgage lender. After your tracker, fixed, or discount rate mortgage is over, you will likely switch to a SVR mortgage unless you can remortgage for a better deal.

Ruth Jackson-Kirby

A retirement interest-only mortgage (RIO) is a type of home loan available to borrowers over 55. With a RIO, you repay interest monthly. Capital does not have to be repaid until you die or go into long-term care.

Ruth Jackson-Kirby

A capital repayment mortgage lets you pay back some of the capital you borrowed along with interest charges. It is one of a few repayment options.

John Fitzsimons

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.

John Fitzsimons

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 costs. Here’s how to find the right company to keep your move affordable.

John Fitzsimons

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.

John Fitzsimons

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.

John Fitzsimons

Collecting the keys to your first home is a thrilling prospect, but first you need to tackle the mortgage application process. Read on to find out five simple tips every first-time buyer should know before applying for a mortgage.

John Fitzsimons

With a fixed-rate mortgage your interest rate, and therefore your monthly repayments, will stay the same for the duration of the period you’ve chosen to fix. Most fixed rate mortgages are for either two or five years, although terms in between and for longer are also usually available.

John Fitzsimons

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.

John Fitzsimons

With a variable rate mortgage the interest rate you pay, and therefore the monthly repayments you must make, could potentially go up or down. A fall in your variable rate can work in your favour, but there is always the risk that your payments could increase.