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New Homes Hotline – 01908 870017
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  • About Us
    • Meet the Team
  • Mortgages
    • Remortgaging
    • Help to Buy Remortgages
    • Help to Buy Mortgages
    • Shared Ownership Mortgages
    • Bad Credit Mortgages
    • Buy to let Mortgages
    • High Net Worth Mortgages
  • Protection
    • Home Insurance
    • Life Assurance
    • Critical Illness Protection
    • Income Protection
    • Business Protection
    • PMI (Private Medical Insurance)
  • Existing Customers
  • Blog
  • Contact Us
  • Partnerships

What Happens When You Sell a Shared Ownership Property?

April 21, 2021 By Mortgage Light Leave a Comment

If you have a shared ownership property, you will encounter some restrictions if and when you want to sell it on. If, however, you have staircased to 100% ownership, then these restrictions may not apply to you, as you are generally considered the sole owner of the property. It’s important to check the details of your lease to see if this is the case for you.

If you do not own 100% of the property, however, then there is a process you must follow when it comes to selling up. This process will be detailed within your lease, but here’s a guide to what you can expect when selling your shared ownership property.

[Read more…]

Filed Under: Shared Ownership

Shared Ownership – How Does Staircasing Work?

March 30, 2021 By Mortgage Light Leave a Comment

If you have bought a share of your home using the shared ownership scheme, the process of ‘staircasing’ enables you to gradually own a greater proportion of the property by purchasing additional shares. The more of the property you own, the less rent you will pay to your Housing Association. If you eventually staircase up to 100% ownership, you will own the property outright. You will no longer need to pay any further rent.

Generally, you can’t begin staircasing until you have owned your share of the property for an agreed fixed period of time. This initial restricted period will be detailed in your lease. It’s also important to check the terms of your lease. Getting up to 100% ownership is not always possible. Some housing providers limit the share of the property you can staircase up to.

[Read more…]

Filed Under: Shared Ownership

Can I Remortgage to Release Equity?

March 24, 2021 By Mortgage Light Leave a Comment

By remortgaging, you may be able to access some cash against your home. This is known as equity. It’s the difference between your home’s current value and the amount owed on your mortgage.

Over time, you may find that the value of your property has increased as property prices go up, or following some home improvements you may have carried out. At the same time, you may have paid down your mortgage borrowing. Either of these events will result in an increase in the amount of equity available in your home. Combined, they can have quite a significant impact on the amount of it.

[Read more…]

Filed Under: Remortgaging

Mortgages and Divorce

March 18, 2021 By Mortgage Light Leave a Comment

Going through a divorce or legal separation can be a very difficult and stressful process, even if the separation is amicable between both parties. Untangling personal finances and separating joint assets fairly can be tricky and is often far from straightforward, particularly if you own significant assets such as the matrimonial home. This can be even more difficult and contentious where there are dependent children involved in the relationship. The decision on how to deal with the family home will, in most cases, have an impact on these children in many ways.

Unfortunately, 42% of marriages end in divorce, however one consequence of this statistic is that mortgage lenders are familiar with these types of situations. There are generally options available to you when it comes to refinancing an existing joint mortgage on the family home or getting a new mortgage facility to buy a new home.

[Read more…]

Filed Under: Uncategorized

Extending Your Mortgage Term

March 11, 2021 By Mortgage Light Leave a Comment

If you have a standard repayment mortgage, you may be able to reduce your monthly payments by extending your mortgage term. Your mortgage term is the length of time that you have agreed to fully repay your mortgage within. The term will have been agreed with you at the time you originally took your mortgage out, or last remortgaged it.

For a long time, a 25-year mortgage term was the standard go-to option. In recent years, however, as the size of the average mortgage has increased, there has been a move towards longer repayment terms in an attempt to make the higher borrowing needed to buy a property more affordable. In fact, data suggests that the number of first-time buyers opting for a mortgage term of between 35 and 40 years has doubled over the past decade.

So, how does extending your mortgage term affect your payments, and is it something you should consider?

[Read more…]

Filed Under: Uncategorized

What is a Shared Ownership Mortgage?

March 4, 2021 By Mortgage Light Leave a Comment

A shared ownership mortgage is the borrowing you take out to help you purchase the share of a property that you purchase using the shared ownership scheme – usually between 25 – 75%. The mortgage covers the share that you own, and the Housing Association owns the remaining share, which you will pay below-market-value rent on.

A shared ownership mortgage is only required on the percentage of the property that you purchase, the amount borrowed is often much lower compared to purchasing a property outright.

[Read more…]

Filed Under: Shared Ownership

What is a Mortgage Agreement in Principle?

February 25, 2021 By Mortgage Light Leave a Comment

If you are looking to purchase a property, you may come across the terms ‘mortgage agreement in principle’, ‘mortgage in principle’, or ‘agreement in principle’. These three terms all refer to a statement from a lender saying that they agree ‘in principle’ to provide you with the borrowing you require subject to your information declared being verified, and the property you find being suitable to lend against.

A mortgage in principle is designed to give borrowers a strong indication of how much they may be able to borrow and some reassurance that they meet the lender’s basic lending criteria. As soon as you’ve made up your mind to start home-hunting and have an idea of what you may need to borrow, it’s generally a good idea to apply for a mortgage in principle.

This way you can start to search the property market with the confidence that you should be able to obtain the level of mortgage borrowing that you will eventually need to support a property purchase in the property price range you are looking at.

[Read more…]

Filed Under: Uncategorized

What Happens if I Can’t Pay my Mortgage?

January 8, 2021 By Mortgage Light Leave a Comment

As a homeowner, it’s generally your mortgage that helps to keep the roof over your head. If, however, you are unfortunate enough to miss a repayment on your mortgage, your lender will initially report this to a credit reference agency as a ‘delinquency’.
[Read more…]

Filed Under: Uncategorized

What Fees are Involved in Buying a House?

December 31, 2020 By Mortgage Light Leave a Comment

Whether you are a first-time buyer, or selling your current property and moving on to the next, there are a number of fees and charges that you will need to factor into your overall budget when considering the cost of purchasing a house. [Read more…]

Filed Under: Uncategorized

What is a Fixed-Rate Mortgage?

December 22, 2020 By Mortgage Light Leave a Comment

A fixed-rate mortgage is a mortgage product where the fixed interest rate is guaranteed to stay the same for an agreed fixed period. It pretty much does what it says on the tin! Unlike with a variable rate style mortgage, you’ll know exactly how much you’ll need to repay each month during the agreed fixed period. [Read more…]

Filed Under: Uncategorized

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Recent Posts

  • What Happens When You Sell a Shared Ownership Property?
  • Shared Ownership – How Does Staircasing Work?
  • Can I Remortgage to Release Equity?
  • Mortgages and Divorce
  • Extending Your Mortgage Term
  • What is a Shared Ownership Mortgage?
  • What is a Mortgage Agreement in Principle?
  • Mortgage Light provides a lifeline for first-time buyer family
  • What Happens if I Can’t Pay my Mortgage?
  • What Fees are Involved in Buying a House?

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Free Initial Consultation

All of our brokers deal with the whole of the mortgage market. It doesn’t matter what the question or when you want to speak to us, we have brokers available on the phone or face to face seven days a week. Whether you are just thinking of buying a home and have no idea where to start, a seasoned investor or someone looking to better your current mortgage product, we are happy to help andchat over ideas free of charge.

So we can give you plain and simple advice we will run through some basic questions to help us tailor products to suit your needs. Upon us taking your application forward we will write to inform you that we have given you advice and give you a Key Facts Illustration breaking down the important elements of the product and the fees involved.

For us to take your application forward to a lender we charge an upfront administration fee of £349. For our returning customers looking to renew their mortgage product this fee reduces to £199. We also receive commission from the lender.

A fee of £349 is payable on application of the mortgage. We will receive commission from the lender in addition to the fees you pay. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. As with all insurance policies, conditions and exclusions will apply.
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