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Articles about Mortgages

.Mortgages and debtMortgages are a "priority debt". If you are having difficulty paying the mortgage you need to take debt advice as soon as possible - the earlier you do this, the more options you are likely to have.

These pages list all Debt Camel articles about mortgages in date order. There is a general summary on this page Mortgages and Debt page.

Can I get a new mortgage fix with poor credit?

A couple of readers have asked about mortgage fixes when they have a poor credit record or simply a lot of other debt: Ms A: We are in a DMP and we were told it would make it very hard to remortgage. So we are now on Santander’s  SVR and it’s over 7%. Can we really just ask them for a new fix and they won’t say no? Mr B: I'm worried about talking to Nationwide when our current mortgage fix ends. … [Read more...]

October 1, 2023 Author: Sara Williams Tagged With: Credit ratings, DMP, Mortgages

Options if you have an interest-only mortgage

When an interest-only mortgage ends, you have to repay all the amount you borrowed. You can't just carry on paying the interest. The money to repay it can come from three sources: savings or investments; by getting a new mortgage; or by selling your house. How many interest-only mortgages are there? FCA research found that at the end of 2022: There are now fewer than 1 million … [Read more...]

August 14, 2023 Author: Sara Williams Tagged With: Mortgages

Can you get a mortgage with debts?

People often think that a mortgage lender will look at how good your credit score is. That isn't right - sometimes you can get a mortgage with a not good credit score or you may be rejected with a great credit score. Three key factors in getting a mortgage are: your deposit the affordability calculation - this is affected by current debts that you are repaying; your credit history - … [Read more...]

August 5, 2023 Author: Sara Williams Tagged With: Mortgages

Increasing numbers of very long mortgages in 2023

Extra-long mortgages of over 35 years used to be unusual. Twenty years ago only 2% of first-time buyers had one. But by the start of 2022 this has risen to about 8% and that had doubled to 17% by the end of 2022. In July 2023, Taylor Wimpey said that in the first half of 2023: 27% of its first-time buyers had a mortgage of more than 36 years, up from 7% in 2021 (The very low figure in 2021 … [Read more...]

August 2, 2023 Author: Sara Williams Tagged With: Mortgages

Worried about the cost of your mortgage? Find out the help your lender can offer

If you are struggling to pay your mortgage now, or you will be soon when your fix ends, what are your options? Nearly 1.5 million mortgage fixes are ending in 2023. Many people will then face a new interest rate that is more than twice what they had been paying. The FCA says: if you’re struggling to pay your mortgage, or are worried you might, you don’t need to manage alone. Your lender has … [Read more...]

April 4, 2023 Author: Sara Williams Tagged With: Mortgages

Support for Mortgage Interest (SMI) – should you take this loan?

Support for Mortgage Interest (SMI) helps some people with the cost of their mortgage if they aren't working. Since 2018 this help has been paid as a loan secured on your house, not a benefit, see the gov.uk page on SMI. But this loan is cheap, you don't have to make any repayments to it until the house is sold and it does not show on your credit record, so this is not as bad as it … [Read more...]

April 3, 2023 Author: Sara Williams Tagged With: Mortgages, SMI

The FCA consults on supporting mortgage borrowers

On 7 December 2022, the FCA issued a consultation on Guidance for firms supporting their existing mortgage borrowers impacted by the rising cost of living. FCA consultations are normally lengthy, but here the FCA said: To ensure we can act quickly to enable firms to help consumers, we are consulting on this guidance over the next 10 working days. This is the sort of short deadline the FCA … [Read more...]

December 21, 2022 Author: Sara Williams Tagged With: General news & policy, Mortgages

After a fixed rate mortgage ends, fix again? For how long?

If your fixed mortgage has ended, or will soon, you could face a large increase in your mortgage payments. Most mortgages revert to their lender's Standard Variable Rate (SVR) when a fix ends. Some lenders use a different term, such as "Follow On Rate", but SVR is the most common. In 2023, the average SVR is 7.3% - many are much more. Millions of people are paying the SVR and most of them … [Read more...]

December 9, 2022 Author: Sara Williams Tagged With: Mortgages

Can I get a mortgage with recent defaults?

A reader, Mr D, asked: My partner and I have a combined income of £56,000, We have a deposit of £28,000 (inheritance) and are looking to become first time buyers at a price of £230,000. We have defaulted debts that are being paid off, and previous history of payday loans from over 2 years ago from a time when our financial situation was much more difficult. The defaults are about 18 months … [Read more...]

November 22, 2021 Author: Sara Williams Tagged With: A reader asks, Credit ratings, Defaults, Mortgages

Save a house deposit or pay off debt?

A reader asked: "A friend said not to pay my defaulted debts off but save money towards a deposit for a mortgage - is this a good idea?" It's often unwise to rely on friends for debt advice... They may be guessing, their situation may have been quite different from yours, or they may be assuming what happened to them years ago is still useful today. And in this case, the friend may know … [Read more...]

July 14, 2021 Author: Sara Williams Tagged With: A reader asks, Budgeting & Saving, Mortgages

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