Articles
November 2019 Bank of England base rate
Since 1997, interest rates have been discussed monthly by the Monetary Policy Committee (MPC). This was done to de-politicize the decision, which had previously been done on an ‘as needed’ basis by the incumbent chancellor of the exchequer.
Offset mortgages: term and payment reduction options
An Offset mortgage links your easily accessible Offset savings account to your mortgage.
Your savings offset the mortgage interest you pay meaning the mortgage interest rate you are charged is reduced.
You can either reduce your monthly payments or the mortgage term, whichever you prefer.
BTL, LTB, HMO & holiday let terms explained
The mortgage world can seem a very confusing – even daunting – place.
Understanding the different types of mortgages that are out there means you are better equipped to make the right decisions.
Understanding your credit rating
Credit scoring is, and has been, a pivotal part of lending decisions for more than two decades now.
It allows mortgage lenders and credit providers to make an unprejudiced decision on your credit-worthiness based on your current and historic financial circumstances.
So, effectively, lenders can see how good you have been at repaying your debts and how able you are currently to handle a new debt.
Top credit file definitions
There are a number of factors that could restrict, or even prevent, you from obtaining credit, based on your credit history or current financial behaviour.
Firstly, missed payments and arrears. This would be where you have been late, or not made payments at all, on current or historic credit arrangements. This could be a mortgage, credit card, loan, HP or even a mobile phone contract or store card.
If you missed the odd payment some years ago, the majority of mortgage lenders would still move forward.
