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FAQS
? What is the difference between a fixed-rate and a variable-rate mortgage
A fixed-rate mortgage has a set interest rate for a specific period, ensuring stable monthly payments. A variable-rate mortgage can fluctuate based on market conditions, potentially affecting your repayments.
? How much deposit do I need for a mortgage
Most lenders require at least 5-10% of the property’s value, but a higher deposit (e.g., 15-20%) can help secure better interest rates.
? What factors affect my mortgage eligibility
Lenders assess your credit score, income, employment status, deposit amount, and existing debts to determine how much you can borrow.
? Why is life insurance important when taking out a mortgage
Life insurance ensures that your mortgage is covered in case of unexpected events, preventing financial burden on your family.
? What is remortgaging, and when should I consider it
Remortgaging means switching to a new mortgage deal, either with your current lender or a new one. It’s beneficial when your current deal is ending, you want better rates, or need to release equity from your home.
? Can self-employed individuals get a mortgage
Yes! Self-employed applicants need to provide at least two years of accounts, tax returns, and proof of stable income to secure a mortgage.
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