What does it mean if you have negative equity? Negative equity in home ownership is a topic that can be quite daunting, but you break it down, it can be easy to understand. When you buy a house, over time you pay down your mortgage while hopefully the value of your home increases. This increase […]
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Are you a mortgage prisoner? A “mortgage prisoner” is someone who, despite being up-to-date with their mortgage payments, finds themselves unable to switch to a new, more affordable mortgage deal. This situation typically arises due to stricter lending criteria introduced after the 2008 financial crisis. Before the crisis, mortgage lending was much more lenient, with
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Have you held on as long as you can with your mortgage? In the current UK housing market, an increasing number of homeowners with mortgages are reaching a critical decision point. Many have held on as long as they could, but the ongoing financial pressures, including high mortgage rates and the cost of living crisis,
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Can I ask my mortgage company to remove late payments? If you’re dealing with the stress of a late mortgage payment and wondering whether you can ask your mortgage company to remove it from your credit report, the answer is subtle. Here’s a friendly guide to help you navigate this situation. First, it’s important to
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What is the mortgage guarantee scheme? The UK Mortgage Guarantee Scheme is a government initiative designed to help prospective homebuyers with smaller deposits get on or move up the property ladder. Initially launched in April 2021, the scheme has been extended and is now available until June 2025. It aims to increase the availability of
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Communication breakdown with your mortgage lender? When homeowners find themselves in mortgage arrears, the path to resolving the issue can be fraught with challenges, especially when communication with lenders breaks down. This article explores cases where homeowners have made sincere offers to get back on track, only to have those offers rejected by lenders. Common
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What happens when a mortgage expires? In the UK, many homeowners are facing a significant challenge as their fixed-rate mortgages are set to expire in 2024. This situation can be quite stressful, especially with the current economic climate. When a fixed-rate mortgage ends, borrowers often find themselves switching to a higher variable rate unless they
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Can a home repossession be reversed? If you’re facing home repossession, it’s important to know that the process can potentially be reversed, even if it seems like you’ve reached a critical point. Understanding the steps involved and acting quickly can make a significant difference. The first key point to remember is that communicating with your
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How long before a mortgage payment is considered late? When it comes to understanding how long before a mortgage payment is considered late in the UK, it’s important to grasp the typical timelines and consequences involved. If your mortgage payment is due on the first of the month, there is usually a grace period provided
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What does support mean in finance? Contrary to belief, if you are facing repossession of your home due to mortgage arrears, lenders do offer support to help you get through the unpleasant situation. If you are in this situation, it’s crucial to understand the options available. One of the first steps lenders will take with
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