If the unthinkable suddenly happened to you, would your loved ones be left struggling financially? The answer may be a resounding ‘yes’ for a staggering 63% of the UK*. This vast majority find themselves without the protective umbrella of life insurance.
Bridging loans can be useful for lots of reasons such as helping you buy a house if your chain breaks down, if you’re downsizing but want to buy before you sell, or if you’ve bought at auction but can’t get the funds ready on time. We explain what bridging loans are, when they are used, pros & cons, costs and how to apply.
Approximately 2.2 million people in the UK are on variable rate mortgages, either on a base rate tracker, discounted-rate deal or a standard variable rate (SVR). For those on a tracker, directly following the base rate, payments will soon reflect the full rise.
Knowing when to buy a house can be challenging, especially during a cost-of-living crisis. Although household budgets remain under pressure from high inflation, confidence is returning to the property market as house prices fell 3.1% on an annual basis in March.
Getting your house ready to sell requires preparation and effort, but it can significantly increase the chances of a successful sale. Here are some tips to help you get your house in the best condition before selling.
A credit report is essentially a financial report that tells the story of your borrowing and repayment history. Compiled by credit bureaus or credit reporting agencies, they gather information from lenders, credit card companies, and other financial institutions that you’ve had a financial relationship with.
Let’s be real, life insurance can feel like a world of its own. This is why we have created our ultimate guide to the basics of life insurance. Keep reading to find out what life insurance is, the most popular types, how it works, and why it’s so necessary in the world we live in today.
March 1st is St. David’s Day, which is widely celebrated in Wales. Although not everyone can make it to Wales, you can still honour the day at home.
Even today there seems to be a general misconception of what a mortgage broker actually does and what value they can add when searching for a mortgage.
Securing a mortgage while self-employed can be an overwhelming task. The uncertainty surrounding the cost-of-living crisis makes it a challenging environment, so it is important to understand the options available for self-employed people.
Once your special day is over and done with, it could be time to start thinking about the important parts of starting your life together.
If you’re thinking about making some resolutions going into the new year, why not change things up and break the mould by prioritising something different this new year…
Every year, we all rush around looking for the perfect gifts for our families and friends. But what if one of the best gifts you could get your loved ones this festive period wasn’t something you can hold or touch?
In an ever changing world where working just to pay the bills is becoming the new norm – ask yourself what you would do if you couldn’t work your day job due to illness or injury?
It shocks us when we find out some people still haven’t heard of critical illness cover. So here are 5 of our top reasons why you should start thinking about arranging a critical illness policy for yourself.
Buying a new home, and taking out a mortgage to do that, is a major, long-term financial commitment…
There’s nothing worse than coming back from a relaxing holiday to find that your home has been broken into. Unfortunately, burglaries do happen, and they often target homes that look empty or unoccupied.
If you’re planning to buy an investment rental property, you may be wondering if you should do so through a limited company. In recent years, there has been a substantial move towards buying investment property through companies that are listed as limited.
Some landlords are facing a real dilemma at the moment in dealing with the continued rising cost of living. There is a need to ensure they can cover the increasing costs associated with their properties and ensure they are following the market.
Selling your home is likely one of the biggest financial transactions you’ll ever undertake in your lifetime. When an offer to purchase your property is presented to you, you have three choices. You can accept it exactly as it is. You can reject it. Or, you can reject it and then counter with an offer of your own.
The cost of living crisis is hitting households and businesses hard. Faced with rising energy and grocery bills, inflation currently at a 40-year high and expected to rise further, and business facing higher operating costs and supply chain problem, many are having to make some very difficult financial decisions.
If you own a property, it’s important to have sufficient life insurance in case something happens to you. If you die, your family may still need to pay off the mortgage and other expenses, and life insurance can help with that.
Whether you’re looking to buy your first home, moving home into something bigger or planning to downsize, buying a property is a major financial and emotional decision to make. And, as they say, knowledge is power. So, you’ll want to make sure you’re asking the right questions.
Selling a home can be a big undertaking and the process is often unfamiliar as, on average, Britons move once every 23 years.
DETERMINING HOW much money you need to buy a property may seem daunting for first-time homebuyers. To work that out, you need to consider how much of a deposit you will need, as well as considering other costs involved in buying your first home and moving.
THERE ARE MANY factors to consider when choosing a mortgage, and the type of mortgage you choose will depend on your individual circumstances.
THE MORTGAGE underwriting process is a key part of the mortgage application process. It is when the lender assesses the applicant’s ability to repay the loan, and decides whether or not to approve the loan.
FOLLOWING ITS LATEST review of the mortgage market, the Bank of England (BoE) Financial Policy Committee has confirmed that it will withdraw its affordability test Recommendation. This will come into effect from 1 August 2022.
THANKS TO THE housing market rebound during 2021, the number of first-time buyers nearly doubled compared to the previous year.
MORE THAN 2.5 MILLION people are set to benefit from government plans to extend the Right to Buy scheme to housing association homes.
OVER THE YEARS, both the average cost of a wedding and the average deposit required to buy a property have increased. As a result, this has forced some younger couples in the UK to decide which is more important to them — the dream wedding or the dream home?
SELLING PROPERTY REQUIRES good preparation. It typically requires a few repairs on the outside and inside, decluttering, fresh paintwork and finding the right estate agent, along with preparing the necessary documentation.
THERE’S FAR MORE to being a landlord than simply owning a property. Whether you’re an experienced landlord who has been managing a portfolio of properties for many years, or a new landlord, understanding your legal obligations as a landlord will help you to protect your investment, yourself and your tenants.
WITHOUT ADEQUATE PROTECTION, one single incident, such as fire or burglary, could have a devastating effect on you and your home. Insurance can’t stop the incident happening, but it can help put things back the way they were – quickly and with the minimum of fuss.
WHEN YOU BORROW money to buy a home, the loan is typically expressed as a percentage of the property’s value. This is known as the loan-to-value ratio (LTV). Lenders look at your LTV when deciding if they’ll accept your mortgage application – the lower, the better.
WHEN IT COMES TO THE PSYCHOLOGY of colour, there is a lot of discussion around what different hues can do to our mood and emotions. But what about when it comes to our homes? Can the colours we choose for our walls, furniture and decor have an impact on our wellbeing?
THE COVID-19 PANDEMIC redefined the role of the home and placed new emphasis on its importance, and people looked for more room in order to work, exercise and often teach under one roof.
RECENT YEARS have seen an extraordinary period of competitive and low interest rate mortgage deals but, even before the Bank of England’s (BoE) rate-setting Monetary Policy Committee began increasing interest rates last December, there were signs that the era of ultra-low mortgage rates was at an end.
Whether you’re looking to downsize or move home after you’ve retired or are approaching retirement, you may be wondering if you can get a mortgage. There are many different reasons why you may want a mortgage that takes you into your 60s, 70s and beyond.
IF YOU ARE not in the fortunate position of being able to buy your home entirely in cash, finding the right property is only half the battle. The other half is choosing the best type of mortgage for your specific requirements.
When it comes to sustainability, having greener homes and a lower environmental impact is now sitting near the very top of many Britons’ property priorities. Sustainability can no longer be considered a niche.
WHEN YOU APPLY for a mortgage you will always face some form of mortgage interview. The mortgage interview is for lenders to assess whether you qualify for a loan and then decide the maximum they are prepared to lend you.
You can sell your rental property with sitting tenants. However, it’s important to remember that your tenants have certain rights.
If you are considering buying a new property, you may be wondering whether there will be any Capital Gains Tax to pay when you sell it.
Are you looking to buy your first home? Whether you’re a young professional or simply planning for the future and trying to be smart with your money, purchasing a home is one of the biggest financial decisions you’ll ever make.
Our jargon buster will help you navigate the terms you’re likely to encounter as you search for your new home in 2022.
Getting a mortgage is a big step towards buying a home, and is definitely cause for celebration. Your mortgage deal might have been competitive when you first got it.
Happy New Year and welcome to the Winter 2022 quarterly issue of The Mortgage & Property Magazine which can be found on our ‘Magazines’ drop down page.
Welcome to the new website and rebranding of The Official Mortgage Company.
Many property viewings last less than 15 minutes, and you might not have time to arrange a number of viewings before you decide whether you’d like to make an offer.
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