Archive for the ‘Mortgage’ Category

Basics of mortgage lending criteria

Wednesday, February 26th, 2014

mortgage lending criteriaEvery Building Society and Bank has their own criteria for mortgage or remortgages lending. But one thing that you need to understand is that the principles are same for all the criteria. The basic principles of mortgage lending criteria are as follows:

• The application for the mortgage cannot be declined on the grounds of what your gender is. It is not like an advert where the company would specify whether they are looking for a male candidate or a female candidate. Everyone is eligible to apply for a mortgage.

• One criterion which is common to all people is the age limit. A person should be at least 18 years of age in order to file for a mortgage application.

• The main secret about mortgage lending is that the lenders would invest the money at a certain percentage which is more than the base rate of the Bank of England. They will then lend that money at a higher rate and the difference would be equal to the profit.

• Before you apply for a mortgage lending it is important that you check your credit history. This is because the person to whom you will make the application will check your credit history and if it is not good then the chances are that the deal might not be a good one. In such cases although that person would be making money but you will not be able to make a sufficient amount of profit.

How to calculate the right mortgage for you

Saturday, June 9th, 2012

Tips to calculate mortgage, mortgageThe first thing which we concentrate on is education, and then comes the buying of a house; a long term one time investment. Most people have to go for loans to buy a property these days. Selecting the right mortgage for your home loan is an essential decision that needs to be taken by you smartly. The mortgage has to be such that you can return it without much difficulty and in the time period that you choose. There are quite a few factors that you need to consider while selecting your mortgage length. The most important is your financial condition when you plan to take up the loan. The goals that you have set up in your mind for the future also play a role in this decision of choosing the right mortgage. Do not choose a mortgage where you have to put in all you money in paying the monthly installment and fail to save money every month.