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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).
The UK mortgage market is one of the most innovative and competitive in the world. There is little intervention in the market by the state or state funded entities and virtually all borrowing is funded by either mutual organisations ( building societies and credit unions ) or proprietary lenders (typically banks ).
Mortgages in English law are a method of raising capital through a loan contract. Typically with a bank, the lender/mortgagee gives money to the borrower/mortgagor, who uses their property/land/home as security (essentially a reassurance) that they will repay the debt and any relevant interest.
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 ...
Buy-to-let mortgage is a mortgage arrangement in which an investor borrows money to purchase property in the private rented sector in order to let it out to tenants. Buy-to-let mortgages have been on offer in the UK since 1996. [6] Lenders calculate how much they are willing to lend using a different formula than for an owner-occupied property.
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 ...
According to Nationwide's monthly House Price Index (HPI) annual house price growth increased to 11% in August, from 10.5% in July.
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.