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Mortgage in UK

Offering more than 4,000 services and products to consumers, mortgage market in UK is considered the most versatile in entire world. Innovation is key in UK mortgage market which thrives for the excellence in management and offer excellent range of mortgage services to consumers. A requirement to spun a winning strategy in mortgage market of UK is being felt for long. Various mortgage lenders in UK try to excruciate the best possible mortgage solutions to consumers.

Process of Mortgage in UK

Process of mortgage in UK is being made easy and consumer friendly so that there is not much hassle. The government of UK or any other authority in UK does not interfere in the work of mortgage companies in UK. Mortgage lenders in UK usually charge a valuation fee which is paid to a chartered surveyor who visits the property and ensures that the property is worth enough to cover the mortgage amount. However, the survey is not an intensive one and just tracks the information about the concerned real estate.

Therefore, a lender is expected to do a proper inquiry before lending. Despite the global recession, mortgage market of UK does not seem to slow down and positive indications show that there would be a quick recovery and soon an extravaganza growth in UK mortgage lending.

Higher Lending Charge in (HLC) UK Mortgage

Higher lending charge (HLC) is a fee which is levied by lenders on borrower vis--vis exceeding a pre-defined loan-to-value (LTV) percentage threshold. Whereas before the last decade of last century the fee was associated with an LTV percentage over 75%, lately it has been associated with the mortgages for up to 90% threshold. However, there are some mortgage lenders in UK who do not charge HLC; rather, they prefer high interest rate in mortgage in UK.

Mortgage Types in UK

Varied kinds of mortgages are available in UK. Mortgage lenders and buyers decide upon a preferable mortgage depending upon the specific requirement and resource availability. The following are some popular kinds of mortgage loans in UK:

Endowment Mortgages in UK

Endowment Mortgages in UK is a kind of endowment policy which is provided to life insurance and save funds to repay the loan usually at the end of the term. The duration may either be of 20 years or 25 years. There is a risk with this kind of mortgage as when the investment does not perform well, a shortfall has to be faced at the end of the repayment period of the loan.

Repayment Mortgage in UK

It is a kind of loan wherein the borrower makes monthly payment pays off a little of the underlying debt. Additionally, he pays for the interest on the loan. Once all payments are through, the loan is declared clear.

Individual Savings Account (ISA) mortgages in UK

Individual Saving Accounts mortgage in UK are similar to the Endowment mortgage in UK wherein Individual Savings Account is used as the loan repayment method. In line with Endowment Mortgage in UK, in ISA mortgage in UK the borrower has to pay more at the end of the loan in situation of falling short of payment.

Pension mortgage in UK

In pension mortgage in UK, the payments are made by tax-free pension plan. It is similar to endowment mortgage and ISA mortgage in various terms and conditions.

Interest Rates on Mortgages in UK

  • Variable rates
  • Fixed rates
  • Capped rates
  • Cash back deals
  • Discounted rates, etc.
   
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