Custom Mortgage Solutions Ltd.
Unit 1a, Ulysses Park, Heron Road, Exeter, Devon EX2 7PH
t: 01392 353890 - f: 01392 368170 - e: admin@custommortgagesolutions.co.uk

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What is the difference between an interest only and repayment mortgage?

With an interest only mortgage you only pay the interest charge each month and the original mortgage remains outstanding. With a repayment mortgage the payments you make are calculated to include paying off the loan by the end of the term. For further information please visit the mortgage product section.


What is meant by capital repayment?

Where interest and capital are paid together monthly until, at the end of the term assuming that all payments have been made on time, the whole loan will be paid.

What is meant by interest only payment?

Where only the interest on the loan borrowed is paid during the mortgage term. You must make other arrangements to repay the loan at the end of the term, e.g. using an endowment or pension policy, ISA etc.

What do you mean by Self Certification?

We offer products for self employed applicants who, for whatever reason cannot provide proof of income. This may be due to difficulty in obtaining accounts or simply due to income being derived from a variety of sources.

What kind of interest rate can I get on my mortgage?

The mortgage rate you qualify for depends on many factors such as your credit history, the size of your deposit etc. To find out what kind of deal you may qualify for, please call us on 01395 446802.

What is a local authority search?

Searches carried out by the solicitor, through the local authority, relating to the property to be purchased. A local search only relates to the property itself, and does not provide information about any planned development in the neighbourhood, except for major roadworks within 200 metres of the property.

What is freehold?

Outright ownership of land or property.

What is meant by leasehold?

Possession of land or buildings for a term fixed in the lease.

I want to buy my council property, do I qualify?

In order to have the right-to-buy your council property, you need to have been a council tenant for more than 2 years (or 5 years for new tenants after the 18th of January 2005).

How long must I have been employed?

Applicants must normally have been employed with the current employer for a minimum of 3 months. References in an acceptable format are required, or latest P60 and last 3 months' wage slips, unless self certification has been selected. If you have been with your current employer for less than 6 months, we would require verification from your previous employer.

Do I need to take out any insurance?

Youíll need to arrange building insurance to cover the full cost of rebuilding your home and we also recommend that you have enough life insurance to cover your borrowing.

Can I remortgage to raise funds for any purpose?

Yes, as long as itís legal you can use the funds raised by your remortgage for any purpose i.e. holiday, purchase a car, home improvements and consolidation of debt.

Are there any penalties for early repayment?

This will depend on the lender and the mortgage you choose.