In recent years, there has been a notable rise in the popularity of retirement mortgages.
This trend can be attributed to several factors, including the increasing age at which people… Read More
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Respect Mortgages - Be In The Know Blog
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www.respectmortgages.co.uk is a free resource of information, guides, calculators and tips that cover all types of mortgages and secured loans. The site is constantly updated with interesting and engaging content that can help borrowers at all stages of their mortgage journey.
One of the biggest hurdles that first time buyers have to overcome is saving up for the initial deposit.
Family members often step in to help, with offers of gifted deposits or guaran… Read More
A mortgage term is simply the length of time you have to repay your home loan.
In the UK, this typically ranges from 25 to 35 years. While this might seem set in stone, it is possibl… Read More
An enhanced lifetime mortgage is a type of equity release plan designed specifically for UK homeowners aged 55 and over who have certain health or lifestyle conditions.
Unlike standar… Read More
A hard credit search is a comprehensive review of your financial past, conducted by a lender or company when you apply for credit, such as a loan, credit card, or mortgage. It’s a… Read More
Your credit report is a comprehensive record of your financial history, a bit like a financial CV.
It contains details about your borrowing and repayment behaviour, providing a snapsh… Read More
Have you ever dreamt of a fresh start, a change of scenery, or perhaps a home better suited to your needs as you get older?
Securing a traditional mortgage later in life can present c… Read More
Equity release offers a convenient way to access some of the money in your home, providing funds for retirement needs without having to sell up and move.
There’s a few different… Read More
Drawdown equity release could be a suitable way to unlock the value tied up in your property without having to sell your home.
It’s a type of equity release that offers a more f… Read More
Many homeowners turn to equity release as they approach or enter retirement.
Even if you feel comfortable with your overall assets, you might find yourself “asset-rich but cash… Read More
Many people considering equity release wonder, “Can I still get it if I have a mortgage on my house?”
The good news is, the answer is often yes!
While having an outstan… Read More
While many people happily remain in their current home after taking equity release, life circumstances can change.
If you’re considering a move, whether it’s downsizing, r… Read More
As you get older, your financial needs and goals might change. If you own your home, equity release could offer a way to unlock some of the value you’ve built up over the years.&nb… Read More
Many homeowners opt for interest-only mortgages due to their lower monthly payments.
With this type of mortgage, you only pay the interest on your loan each month, not the original bo… Read More
Getting on the property ladder in today’s world can feel like an impossible dream for many young adults. Rising property prices, strict lending criteria, and the need for substanti… Read More
When starting a new equity release plan borrowers accept that this will be with them for the long term. It’s a convenient way to access some tax free cash from your home, allowing… Read More
While equity release can provide a welcome financial boost, it’s perfectly understandable to have questions about what happens to your equity release plan after you pass away… Read More
Is your fixed rate mortgage coming to an end?
If so, then you may be wondering what your choices are, and how long it all takes. The end of your fixed rate deal is a good opportunity… Read More
By taking a mortgage out with someone else you you can combine your incomes to potentially borrow more than you could on your own, making that step onto the property ladder a bit more ma… Read More
Becoming a landlord unexpectedly can be overwhelming.
Whether you’ve inherited a property, need to relocate temporarily, or your living situation has changed, you might be consi… Read More
You expect a mortgage lender to do some checks and investigations when you first approach them. It makes sense to vet new borrowers.
But surely once you have been given the mortgage o… Read More
Mortgages are often set up over 25 years (or longer).
If you like the idea of paying off your mortgage sooner than this, then perhaps a short-term mortgage could be worth looking at… Read More
There’s a growing trend towards longer, marathon mortgages, that spread the cost of a mortgage over 35 or even 40 years.
The extended mortgage term brings down the monthly cost… Read More
If you’re self-employed you might wonder about your chances of getting a mortgage.
It’s a common myth that you need a long history of business success to get a mortgage, b… Read More
If you’re self-employed and looking to get a mortgage, you might think it’s a tricky process, especially if you’ve only got one year of accounts.
Normally, lenders l… Read More
So, you’re self-employed and looking for a mortgage.
But what income figure do lenders need when you work for yourself?
They will obviously want to know how much you earn in… Read More
Affordability can be a huge barrier to getting onto the housing ladder.
If you are struggling to save up the 5% deposit that most lenders ask for, then perhaps a no deposit mortgage c… Read More
So you want to swap your residential mortgage for a buy to let?
Renting out your own home is an option that many people turn to when their personal circumstances change. It allows an… Read More
Higher mortgage deposits start at around 25% of the property value.
But does having a bigger deposit mean you will get a better deal? Do you still need to provide loads of paperwork a… Read More
If you are saving up to buy a house you will know that getting on to the property ladder is not easy.
One of the main challenges is getting a deposit together.
In these situations… Read More
If you’re dreaming of moving home but find the idea of saving for a large deposit overwhelming, this scheme might be a perfect fit for you.
In this guide we walk you through the… Read More
When it comes to managing your finances, your credit report plays a vital role.
It’s a detailed record of your borrowing and repayment history over the last six years, and it&rs… Read More
Buying a home in the UK can be tough these days.
With house prices going up and living costs getting higher, saving enough money for a regular mortgage deposit is really hard for a lo… Read More
Choosing the right mortgage term is a big part of buying a home.
It affects how much you pay every month and the total cost over time. Recently, there’s been a change in the UK… Read More
When we think about life insurance, we often link it to people who have jobs. But what about those who don’t work? This might include stay-at-home parents, people taking a career b… Read More
Mixed-use mortgages are specifically tailored for properties that serve both residential and commercial purposes – think of a building with a shop, restaurant, or office on the gro… Read More
When you’re looking to get a mortgage, you might wonder whether to use a bank or a mortgage broker.
While banks are a familiar choice, many are now turning to mortgage brokers f… Read More
Saving a deposit for a home is an enormous challenge for any would-be first time buyer.
UK house prices keep rising, and so deposit levels have to increase to keep up.
It’s n… Read More
Using your mortgage to consolidate other debts such as personal loans and credit cards can often be a lifesaver.
No more juggling several monthly payments to different lenders and try… Read More
Porting a mortgage is the process of moving home and taking your mortgage with you.
In reality you will take your mortgage interest rate with you, not the actual mortgage. There is a… Read More
If you’re a landlord with an eye on expanding your property portfolio, it’s essential to understand what it means to be a ‘portfolio landlord’ and how this status… Read More
Understanding the right mortgage for your property is important, especially as the trend towards short-term rental services like Airbnb continues to grow. There are numerous factors to c… Read More
Borrowing money can be an expensive game.
But it’s not just the mortgage interest rates that you need to look out for. There’s a whole bunch of fees that you might need t… Read More
Although repayment mortgages are the most popular, there are actually three ways that a mortgage can be setup.
This is known as the “repayment method”, your choices are:… Read More
Remortgaging your home is the process of moving your mortgage from one lender, to another. But without moving home.
Releasing equity generally means accessing your home’s equity… Read More
If you are looking to buy a home but don’t have enough deposit yet, then a family offset mortgage could help you out.
These are popular with first-time buyers, but available to… Read More
It’s a commonly asked question.
The mortgage on your home is regulated. If you were to take out a further advance or a second mortgage, these would be regulated.
Why aren&rsqu… Read More
If you currently own your home by yourself, you may be wondering if you can remortgage to add someone else’s name to the mortgage. This could be a partner or a friend.
The quic… Read More
Land mortgages do exist, but there’s only a small pool of lenders in this market.
A mortgage for land can help you to self-build your dream family home, purchase a smallholding… Read More
Trying to get to grips with the different types of life insurance can be a real bind.
There’s no shortage of jargon or confusing terms: sum assured, terminal illness, term assu… Read More
Most of us have some type of debt, some more than others. But have you ever considered what would happen to these debts should you die?
If you also have a life insurance policy it se… Read More
The world of insurance is not short of jargon!
However, it’s helpful to have some understanding of these phrases, especially when they directly impact the benefits you or your… Read More
Want to switch your life insurance policy?
Perhaps you want to adjust your cover and are wondering if you should change company at the same time? You might change your mortgage lende… Read More
Life is full of unexpected changes, and your insurance should be able to keep up.
Enter the Guaranteed Insurability Option (GIO) – a feature that lets you adjust your cover as… Read More
You may have come across the term ‘critical illness’ when researching mortgages or mortgage related life cover.
Critical illness insurance can provide a cash lump sum pay… Read More
If you currently have a repayment mortgage then you may already have decreasing life insurance, or at least been given some information on it.
But how does a decreasing life policy w… Read More
Ever heard of an insurance plan that gives your family a monthly income instead of a one-off payment?
That’s Family Income Benefit (FIB) for you.
It’s a unique way to… Read More
‘Terminal illness’ is a frightening topic. While many might shy away from it, it is an essential part of financial planning.
It offers a safety net during some of life&rs… Read More
Mortgage life insurance is used to pay off your mortgage if you die. So your loved ones can keep their home and won’t be left with mortgage repayments they can’t afford… Read More
So, you’ve done it.
You’ve crossed that monumental threshold and bought a home. Congratulations! But let’s not pop the champagne just yet.
Owning a home isn&rsqu… Read More
Taking out a mortgage involves lots of options and choices. One question that frequently arises among homeowners and potential buyers is, “Can you add life insurance to your mortg… Read More
Owning a home is a significant milestone in one’s life, but it also comes with a host of responsibilities and financial commitments.
One of the most frequent questions that pot… Read More
You’ve diligently paid off your mortgage, a significant financial milestone that brings a sigh of relief.
But what about that life insurance policy you took out to protect your… Read More
When someone dies, their debts don’t simply disappear. Instead, these debts are usually paid by the person’s estate before any assets are distributed to their beneficiaries… Read More
Are you a homeowner looking for extra funds to invest in your property or consolidate debt?
A further advance mortgage might be the solution for you. With this type of loan, you can… Read More
Researching mortgage options and fees can be a confusing task, especially for first-time homebuyers.
One term that often pops up but is rarely understood is the Higher Lending Charge… Read More
In the complex world of UK finance, your credit report serves as your financial CV. Whether you’re applying for a mortgage, a credit card, or a personal loan, lenders scrutinise y… Read More
The withdrawal of a mortgage offer can be a deeply unsettling experience, especially if it occurs at a critical stage in the home-buying process.
This guide aims to provide a compreh… Read More
If you have recently inherited a house, or will do soon, you may be wondering if you can release some equity from this new asset?
It is a common question. Although being gifted a pro… Read More
Most people will owe money on their credit card at some point or another.
If you are looking for a new mortgage then you may worry that carrying credit card debt could put you in a w… Read More
Most mortgage borrowers have a fixed rate mortgage.
The interest rate is fixed for a set number of years and you know exactly how much to budget for. But when these rates come to an… Read More
Are you a homeowner with equity in your property?
If so, you might be considering ways to access that value, perhaps to fund a home improvement, consolidate debt, or support other fi… Read More
Owning a home is more than just a place to live; it’s an investment that can grow over time.
As you pay off your mortgage and property values increase, you build equity in your… Read More
Are you looking to buy another house? Maybe a holiday home or an investment property that can be rented out.
If so, you may be wondering if you can release equity from your home to h… Read More
If you have recently had a mortgage application rejected or are concerned about being declined, then this guide is for you.
Mortgage rejections do occur all of the time and for many… Read More
If you’re reading this, chances are you’re on the hunt for a new mortgage, but maybe your credit history has seen better days.
Don’t worry. This is quite a common s… Read More
So you are trying to buy a property but the lender has slapped a ‘mortgage retention’ condition on the mortgage offer. Because of this they can’t give you the full mortg… Read More
Whatever your reason for remortgaging, you are probably wondering how long it will take.
When you remortgage you move your loan from one lender to another. This can enable you to swi… Read More
Later life lending is used to describe mortgage borrowing after the age of 55.
You may, or may not, have plans to retire. But after 55 the mortgage lending landscape changes, and whi… Read More
When you own a property with someone else, things can sometimes get complicated.
One of the most common mortgage related issues is where one of the owners wants to leave the property… Read More
It’s not uncommon to need a mortgage during retirement and there are mortgage options available for pensioners.
Although some lenders do have their own maximum age limit, there… Read More
As a UK mortgage borrower, you may have heard about the recent introduction of the Mortgage Charter 2023.
This significant development in the housing sector is designed to provide a… Read More
When you apply for a mortgage the lender will undertake various checks, to assess your credit worthiness and affordability.
One of these is a debt to income ratio calculation. This i… Read More
We will all borrow money at some point in our lives.
This could be on a credit card, personal loan or maybe a mortgage or car finance. Occasionally, these debt repayments can overwhe… Read More
If you already have a personal loan, you may be wondering if it will affect your chances of getting a new mortgage.
It’s a commonly asked question but there isn’t a simpl… Read More
In the world of mortgages and loans, your credit history often acts as your financial passport.
It’s a comprehensive record of your financial behaviour, and lenders use it to a… Read More
Applying for a joint mortgage can become complicated when one applicant has a history of bad credit.
Lenders have varying perspectives on credit issues, making it essential to unders… Read More
Payday loans are aptly named because they are designed to be repaid by borrowers at the end of the month, in-line with their payday. These loans are most commonly offered by online lend… Read More
When it comes to securing loans, the terms ‘first charge’ and ‘second charge’ are often thrown around.
But did you know there’s another type of charge t… Read More
It’s understandable to have some concerns about obtaining a mortgage when you’re over 50.
While it’s true that lenders become more cautious about repayment as retir… Read More
If you’re considering remortgaging your current home or obtaining a mortgage for a new property in your 60s or above, you may wonder how easy this is to accomplish.
It’s… Read More
If you’re looking for a new mortgage in your 70s or above, you may wonder how easy this is to accomplish.
It’s understandable that many individuals in the 70+ age group h… Read More
Are you planning for your retirement and exploring your mortgage options?
If so, you’ve probably come across the term ‘RIO mortgage’. But what exactly is a RIO mort… Read More
Are you one of the million-plus workers in the UK on a zero-hour contract?
If so, you might be wondering, can you get a mortgage on a zero-hour contract? It’s a valid question… Read More
Getting your finances in order before applying for a mortgage is one of the best things to do. Whether you are buying your first home or thinking of moving somewhere new, there are a nu… Read More
If you’re stepping into the UK property market, whether you’re buying your first home or selling a property, it’s a journey filled with excitement and anticipation… Read More
If you’re a homeowner considering your mortgage options, you might be thinking about remortgaging.
Remortgaging can offer several benefits, such as potentially lower interest r… Read More
If you have a mortgage or are looking to get one quite soon, it can be helpful to keep an eye on the Bank of England base rate, which has a significant impact on UK mortgages.
In thi… Read More
If you’re like many people in the UK, you might have an overdraft facility with your bank. It’s a handy tool for those unexpected expenses or end-of-the-month shortfalls… Read More
Buying a house is an exciting journey filled with anticipation and dreams of a new home.
But it’s also a process that involves a lot of steps and terminology that can be confus… Read More
