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Adverse credit mortgage – mortgages aimed at borrowers with credit problems, e.g. county court judgements. Self-certified mortgage – a mortgage where the lender does not seek proof of income to demonstrate affordability, but instead relies on a statement of earnings as "certified" by the borrower(s).
By the early 1990s, UK building societies had succeeded in greatly slowing if not reversing the decline in their market share. In 1990, the societies held over 60% of all mortgage loans but took over 75% of the new mortgage market – mainly at the expense of specialized mortgage loans corporations.
The Mortgages and Home Finance: Conduct of Business Sourcebook (MCOB) governs the relationship in the United Kingdom between mortgage lenders and borrowers. They were first issued in October 2003 by The Financial Services Authority. They apply to Regulated Mortgage Contracts which are entered into on or after 31 October 2004.
A mortgage is a long-term loan from a financial institution that helps you purchase a home, with the home itself serving as collateral. Mortgage payments typically consist of principal (the amount ...
At the start of 2008, there were 59 building societies in the UK, with total assets exceeding £360 billion. [10] The number of societies in the UK fell by four during 2008 due to a series of mergers brought about, to a large extent, by the consequences of the financial crisis of 2007–2008. There were three further mergers in each of 2009 and ...
A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
Fixed-rate mortgage: A fixed-rate mortgage has the same interest rate throughout the length of the loan, so every payment will be the same. This predictability makes fixed-rate mortgages the most ...
Mortgages are an important part of English land law and property law. These concern, first, the common law, statutory and regulatory rules to protect the mortgagor (i.e. the borrower) at the time of concluding the mortgage agreement. Second, English law defines and restricts the process for taking possession of property in the event of default ...