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Mortgages and simple guides for buying a home Equifax …

Details: Getting mortgage ready. It's a good idea to get your credit score in great shape before you apply for a mortgage. Here's why your credit score matters and what you need to do before you apply for your mortgage. Getting credit-ready before applying for a mortgage; What credit score is needed for a mortgage? Saving for a mortgage deposit

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What is a mortgage Equifax UK

Details: A mortgage is a loan taken out by a homebuyer to borrow money so that they can purchase a home or land. You’ll have a legal agreement with the lender, which includes terms like how much you’ll have to repay, how often you’ll have to make repayments, and whether there are any penalties for early, late or defaulted payments.

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Mortgage Rates and Decisions Equifax UK

Details: Mortgage Rate Factors. If your application has been accepted, the terms of your agreement can depend on: Credit Score – Even if your credit score was high enough for your application to be successful, it can sometimes still have an influence on the interest rate or repayment period you are offered. A higher credit score has a better chance of

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What is a mortgage broker

Details: A mortgage broker is someone who specialises in mortgages. They’re also known as mortgage advisers – the term is interchangeable. As a rule, they have lots of experience and a huge wealth of knowledge which homeowners can take advantage of, and they will often scour all the deals available – so you get the one which is best suited for you.

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Joint mortgages explained Mortgages Equifax UK

Details: What is a joint mortgage? It’s exactly like a normal mortgage, except that it’s in the names of two or more people. You might share a mortgage with a partner, friends or family, who may be living with you or just helping you to buy your property.

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Mortgage in principle explained Mortgages Equifax UK

Details: A mortgage in principle is also known as a Decision in Principle (DIP), Agreement in Principle (AIP) or mortgage promise. This is a statement from a lender saying that they’ll lend a certain amount to you before you’ve finalised the purchase of your home.

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What is a mortgage holiday

Details: Mortgage term extension – This is a contract to agree to pay less each month, so borrowing over a longer term. This works like remortgaging, but does mean you could be paying more interest because you are repaying over a longer period. Changing mortgage type

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How to buy a property with friends Equifax UK

Details: If you apply for a mortgage and get rejected, this will show up on your credit history. You and your friend or friends may want to check your Equifax Credit Report & Score (which is free for the first 30 days then £7.95 monthly) to get a sense of your credit history, as well as an indication of how creditworthy a potential lender may find you.

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What credit score is needed to buy a house

Details: If you’re applying for a mortgage, you’ll need to make sure that you’re creditworthy in a lender’s eyes. This means that they’ll think it’s likely that you’ll meet the payments on your mortgage instalments. What is a credit score? Your credit score takes into account various factors to calculate how creditworthy you are.

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Porting your mortgage Equifax UK

Details: ‘Porting’ is sometimes loosely described as moving your mortgage from your current home to your new one. However, it technically involves redeeming the existing mortgage in favour of a new one. The latter is the same mortgage deal but on a different property. You may have to pay fees to ‘move’ from your current mortgage to a new one.

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What is a tracker mortgage

Details: A tracker mortgage is a type of variable rate mortgage which "tracks" a base rate – usually the Bank of England’s base rate.If you get a tracker mortgage, your mortgage repayments (including the interest you pay on your mortgage) could change every month.

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Find out how 95% mortgages work Equifax UK

Details: A 95% mortgage is as the name suggests – you borrow up to 95% of the value of the property and pay it back in instalments. This means that you’ll have to pay the remainder upfront, as a deposit. Find out what the lending criteria is for a 95% mortgage, what it means for first-time buyers, as well as the advantages and disadvantages of

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How much can I borrow for a mortgage

Details: How do mortgage lenders decide how much to loan people? In the past, lenders made a decision on how much to loan you based on a multiple of your income – this was known as a 'loan-to-income ratio'. This meant that the home you could afford was directly linked to how much you earned – if you earned £45,000, you could borrow 3-5 times that

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Rejected for a mortgage

Details: Next steps. If you’ve been rejected for a mortgage, there are a few things that you might be able to do to try to improve your chances with your next application. These include the following: Making sure that you’re registered on the electoral roll. Ensuring that your credit history is healthy – start by checking your credit report.

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Over 60 and still paying off the mortgage

Details: Over a quarter (26%) expect to be mortgage free between the ages of 56-60, whereas most of those aged between 45-54 expect to be between the ages of 61 to 65 before they can pay off their mortgage (30%.) The latest research also provides a snapshot of the sacrifices people will make in order to secure their ‘dream’ home as the impact of new

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Mortgages for self-employed or fixed-term contractors

Details: Tips for getting a mortgage if self-employed or freelancing Work out how your income will be calculated. As a self-employed or freelance contractor, lenders will likely average out your income over the last few years. Some could use your most recent reported income whereas others might do a ‘worst case scenario’ and use your lowest reported

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Getting a second mortgage Equifax UK

Details: A second mortgage is a secured loan of over £1,000 taken out against the equity in your property. If you successfully apply for a second mortgage, this will mean that you have two mortgages to pay off. However, even though you’ll need to be a homeowner to take out a second mortgage, this doesn’t necessarily mean that you need to live in

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Freehold or leasehold What is freehold

Details: If you’re looking to apply for a mortgage, you may want to check your Equifax Credit Report & Score. It’s free for the first 30 days then £7.95 monthly. The report gives you a record of your borrowing history, while the score provides you with an …

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How does the mortgage application process work

Details: A mortgage in principle (also called ‘mortgage application in principle’ or ‘mortgage decision in principle’) is a statement from a lender that says they will lend you a specific amount based on the information you have provided. It is not a guarantee, but an indication that they would be willing to lend you the money ‘in principle’.

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Mortgage deposits and loan-to-value (LTV) explained

Details: This is a lump sum that you pay upfront, letting you own part of the property outright. The rest of the agreed sale price can be paid by a mortgage, which is a loan that can be repaid in instalments. A deposit can give the seller reassurance that you’re serious about purchasing the property. The deposit amount that you’ll have to pay

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How to save for a mortgage deposit Equifax UK

Details: If you’re buying a home and applying for a mortgage, you’ll need a deposit.This is a proportion of the overall property price that you pay upfront. Generally, the larger your deposit, the better a deal you might get for the mortgage loan on the remainder of your home payment.

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How to finance home improvements with a loan Equifax UK

Details: Getting ready to apply. If you’re applying for a home improvement loan, secured loan or remortgaging deal, you may find it useful to check your Equifax Credit Report & Score in advance – it’s free for the first 30 days, then £7.95 monthly. Checking your Equifax Credit Report will let you view your borrowing history.

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Buy-to-let mortgages explained Equifax UK

Details: A mortgage for buying a property to let is similar to a mortgage for buying a home to live in, but there are some key differences. These include bigger deposits and higher interest rates on buy-to-let mortgages. Deposits can normally be at least 25% …

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Mortgage Lenders Look For ‘Affordability’ Equifax UK

Details: Mortgage Lenders Look For ‘Affordability’ Equifax offers tips to consumers preparing to move home or re-mortgage. London, March 2014 According to new data*, an unprecedented number of home buyers are opting for fixed-rate mortgage deals.

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The costs of buying a home Mortgages Equifax UK

Details: Ongoing costs. Once you own your new home, you’ll still have ongoing costs to consider. Mortgage repayments aside, these can include: utilities. If you’re planning on applying for a mortgage, you may want to check your Equifax Credit Report & Score beforehand – it’s free for the first 30 days, then £7.95 monthly.

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Two thirds of homeowners expect mortgage rates to rise in

Details: Perhaps reflecting the level of detail that lenders will seek when assessing mortgage applications, the personal touch is the preferred route for the majority of homeowners, whether it’s applying in person at their bank or building society (39%), or using an independent financial adviser (30%) to assist with the application.

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No deposit mortgage with bad credit Mortgages Equifax UK

Details: Applying for a mortgage will involve getting a credit check to prove how likely you are to keep up with repayments. But what if you have bad credit or a very limited credit history? Find out more about how lenders view you in these situations and what you can do.

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- M&S BANK ENABLES FASTER MORTGAGE APPLICATIONS WITH …

Details: M&S Bank has become one of the first mortgage providers to enable open banking assisted mortgage applications. The open banking enabled mortgage journey means most customers will no longer need to source and supply copies of bank statements to support their mortgage application. Using the open banking assisted journey, this documentation will

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Types of mortgage: fixed & variable interest rates

Details: An offset mortgage allows you to link your savings account to your mortgage account. For example, if you were to take a mortgage of £200,000 and link it to your savings of £25,000, an offset mortgage allows you to only pay interest on the difference: £175,000. However, with an offset mortgage the savings no longer earn interest.

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How mortgage repayments and interest work Equifax UK

Details: Mortgage repayments come in different shapes and forms and depending on which mortgage you choose or are offered, you may find yourself paying back very different amounts. We take a look at the basics of mortgage repayments and consider what to think about when planning how you are going to pay off your mortgage.

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Buying a leasehold property Equifax UK

Details: If you’re applying for a mortgage on a leasehold property, there are other factors to consider in addition to the length of the lease. Your Equifax Credit Report & Score can help you to view your credit history to help improve your credit rating and get a sense of how a mortgage lender may view your creditworthiness.

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Can I apply for a mortgage during retirement

Details: If you’re considering applying for a mortgage, you may want to check your Equifax Credit Report and Score first. It’s free for the first 30 days then £7.95 monthly, and gives you unlimited online access to your borrowing history, as well as your credit score, which provides you with an indication of how creditworthy a lender may find you.

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What is a commercial mortgage

Details: A part-commercial mortgage is a mortgage for a property that is half business and half residential, such as a flat above a shop or pub, or part-converted offices and flats. These types of properties often fall outside standard residential or commercial mortgage lender terms, so they need a unique mortgage product.

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Getting credit-ready before applying for a mortgage

Details: If you’re planning on applying for a mortgage, you may want to check your Equifax Report & Score in advance – it’s free for the first 30 days, then £7.95 a month. The report lets you view your borrowing history, while the score gives you an indication of how creditworthy a lender may find you. Homebuyer's Handbook pdf file: Link opens a

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First-time buyers currently applying for their first

Details: The Equifax and What Mortgage research revealed that raising a deposit remains a major challenge for first time buyers. 37% of the first time buyers surveyed had managed to save between 5% and 10%, but 28% had saved less than a 5% deposit or none at all. Nearly a third (29%) are getting help with their deposit from family or friends.

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What is a Help to Buy ISA for first-time buyers

Details: What is a Help to Buy: ISA? One of the Government’s Help to Buy schemes, it allows potential first-time homeowners to save money to purchase a property. The Help to Buy: ISA is available from selected banks, building societies and credit unions. You are allowed to start off your ISA savings with a deposit of up to £1,200.

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- Equifax and Click2Check launch Open Banking tool for

Details: Equifax and Click2Check launch Open Banking tool for mortgage advisers. Equifax and Accountscore have announced a new partnership with financial software, Click2Check, to launch Credit Assess, an online tool for mortgage advisers that uses Open Banking to deliver faster and more accurate credit and financial assessments of applicants.

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Resources for first-time buyers Equifax UK

Details: Mortgage Advisers’ has some information for first time buyers on how to calculate a deposit and have also created a short video on the subject. If you haven’t already been saving for a deposit, or you’ve realised that you don’t have enough, you may need to go back a step and think about how you can budget to start achieving this goal.

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What is remortgaging

Details: If your existing mortgage deal is about to expire and your property hasn’t been paid off in full, you should review your options. If you do not take any action, your lender is likely to move you to their default Standard Variable Rate (SVR), which is a rate that is set by them rather than tracked in proportion to Bank of England interest rates.

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Offset mortgages: linking your mortgage to your savings

Details: An offset mortgage links your mortgage to your savings account. It lets the interest you could’ve earned on the savings contribute towards paying off your mortgage repayments instead.. If you’ve got a standard mortgage, the amount of interest you’ll have to …

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Latest data on mortgage approvals from UK Finance shows a

Details: Mortgage approvals on the up Are home buyers becoming more savvy? London, 1 st March 2018. The latest data on mortgage approvals from UK Finance 1 shows a turn-around from the four-month low experienced at the end of 2017. In January 2018 there were 40,117 approvals for house purchases, compared to just 36,085 in December 2017.

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Help to Buy: equity loan for a home deposit Equifax UK

Details: a mortgage of up to 75% (£150,000) – or up to 55% in London (£110,000) Will you have to pay equity loan fees? Yes, but not in the first five years. There is a 1.75% charge. This increases every year, based on the Retail Prices Index (RPI) plus an additional 1%. Depending on market factors, this could potentially cost you more than if you

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What is a financial associate

Details: If you’ve got a credit agreement with someone – for example, a credit card or mortgage – then a link is created that makes you and that person financial associates. Do financial associates affect your ability to get new credit? Lenders could take a financial associate’s financial behaviour into account even if you’re applying for new

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Equifax Homebuyers Handbook 2019

Details: mortgage payments if you are unable to pay (this is an important decision for both parties). 3 Once you've found your preferred mortgage, find out if the lender can offer a 'decision in princip e' (check with the lender if their offer expires, if it does, confirm the expiry date).

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What is Stamp Duty Land Tax

Details: If you’re looking to apply for a mortgage for a home purchase, you may want to check your Equifax Credit Report & Score. Free for the first 30 days then £7.95 monthly, it provides you access to your borrowing history and gives you an indication of how creditworthy a …

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Second homes & buy-to-let properties: Stamp Duty rules

Details: 13%. Over £1.5 million. 15%. For example, if you’re buying a freehold property at £600,000, the Stamp Duty you’ll have to pay is: 3% on the first £500,000 = £15,000. 8% on the remaining £100,000 = £8000. Total Stamp Duty tax if the sale is completed by 31 March 2021 = £23,000. You can also calculate how much Stamp Duty you’ll have

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4 in 10 home buyers think they would struggle to obtain

Details: New Equifax and What Mortgage research reveals consumer uncertainty about home loan application process one year on from introduction of new affordability rules. London, 25th April 2015 . New research from credit information provider, Equifax, conducted in collaboration with What Mortgage reveals that 4 in 10 (39%) of those surveyed thought

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