As the largest and longest-running mortgage club in the UK, we are involved in nearly 1 in 4 of all mortgages in the UK, and nearly 1 in 3 of all intermediated mortgages. Now in our 29th...
A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out. Our Lifetime Mortgages are available to homeowners aged 55 (or 50 for our Payment Term Lifetime Mortgage) or over. You may be able to take the money as a lump sum or a series of lump sums. The loan doesn’t have to be fully repaid until until you die or move permanently into long-term care. If you have the financial means, you can choose to pay ...
Legal & General Ignite is the mortgage affordability and criteria tool from the Legal & General Mortgage Club
Borrower-paid PMI (BPMI): Another name for your standard mortgage insurance, BPMI is paid as part of your monthly mortgage payment until you reach 20% equity in your home. Your down payment is less than 20%: Most conventional lenders require a down payment of at least 20% of the purchase price. You can calculate your down payment percentage by dividing the amount you plan to put down by either the market value or the purchase price of the home (whichever is less). If you can't afford to put down ...
mortgaged; mortgaging ; 1 : to grant or convey by a mortgage ; 2 : to subject to a claim or obligation : pledge
What Is an Underwater Mortgage? An underwater mortgage is a home purchase loan with a higher... In an underwater mortgage, the homeowner may not have any equity available for credit. An...
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. The mortgage refinancing process can be laborious and expensive — but if the conditions are right, it can be worth it in the long run. Before jumping in, you want to make sure you're refinancing for the right reasons. There are many different ...
Your front-end ratio is the percentage of your annual gross income that goes toward paying your mortgage, and in general, it should not exceed 28%. Your back-end ratio is the percentage of...
Your income is a major factor in how much house you can afford. But what percentage of your income should go to your mortgage? Is there a “golden rule” or consensus about how much you should spend on a mortgage? While the final answer is different for everyone, there are a few general guidelines and tips on what percentage of your income should go to a mortgage. A mortgage payment is the amount you pay your lender each month for your home loan, which includes principal and interest. Sometime...
Loan amount, Interest at 6%, Total owed ; £50,000, £3,000, £53,000 ; £53,000, £3,180, £56,180 ; £56,180, £3,371, £59,551 ; £59,551, £3,573, £63,124 ; £63,124, £3,787, £66,911 ; £84,474, £5,068 (£39,542), £89,542 ; £113,045, £6,783 (£69,828), £119,828 ; £151,280, £9,077 (£110,357), £160,357