mortgage faq

Mortgage FAQ

Nottingham Mortgages

How much can I borrow with a mortgage?

This amount will depend on each person and is usually based on their income. Other factors can also be considered including credit rating, debts, outgoings and your deposit.

How much deposit do I need?

The minimum deposit can be as low as 5%. It is often advisable to save more money as these products are often hard to find and can come with higher repayments. Usually, the higher the deposit percentage, the lower the interest rate. This means your repayments should be lower.

How much will my monthly repayments be?

The cost of your monthly mortgage repayments generally relates to three factors. These are the amount borrowed, the term of the mortgage (years) and the interest rate.

What is the difference between a repayment mortgage and interest only mortgage?

repayment mortgage means you will pay off your mortgage by the end of the term, as long as your payments have been made. An interest only mortgage involves only paying the interest in your monthly payments. At the end of the term, an interest only mortgage means you will still owe the same amount that you initially borrowed.

Do I need insurance for a mortgage?

You will definitely need buildings and contents insurance for your home. Life cover is often recommended, as well as payment protection. These policies are designed to pay your mortgage payments if you are off work due to an accident or sickness, or worse. We can provide whole of market quotes for this during your advice appointment.

Can I move my mortgage from one company to another?

Yes, we can help you move your mortgage from one company to another. Many of our clients will do this when they come to the end of their fixed term. Often we can find a product with a different interest rate which may lower your monthly payments.

Can I pay off a mortgage early?

Yes, you can pay off a mortgage early but you may have to pay an early repayment penalty. Check with your current lender, or with us if we originally found a mortgage product for you.

Can I make overpayments?

Yes. You may be able to pay off your mortgage sooner. Again, check for repayment penalties.

Can I have more than one mortgage?

Usually you can only have one residential mortgage. You should be able to look at buy to let mortgages as well if you intend to rent those properties out.

What is a buy to let mortgage?

A buy to let mortgage is a product designed specifically for those wanting to buy a property and rent it to tenants. These products generally have a slightly higher interest rate and the rental income must cover the monthly repayments. This is only some of the criteria and we urge you to speak to us to find out more.

How much deposit do I need for a buy to let mortgage?

Normally you will need a minimum of 25% deposit for a buy to let mortgage.

How do I find the right mortgage for me?

Talk to Renshaw Mortgage Solutions for mortgage advice in Nottingham and beyond! We’ll look at your current financial situation and find a product which suits you. You can call us on 01773 861050 or contact us here.

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