Mortgage Questions?

cheeky-virgin

i have 3 questions regarding morgages as i really know nothing about it . i would appreciate it if some body can help me out.

1) what would be the minimum salary to get a mortgage , can you provide me any material to read regarding that and Does they do credit check for approving mortgage.?

2) if i get a mortgage, can i sell it any time...without interupting by lendors?

3) Just UK National can get a mortgage or every one is eligible for that ?
Thanks.

HelpWhereIcan

cheeky-virgin wrote:

1) what would be the minimum salary to get a mortgage , can you provide me any material to read regarding that and Does they do credit check for approving mortgage.? .

Most lenders insist you have an income from employment, but it is not neccesarily the case that they will have a minimum salary you will need to be on. Where it does matter is when the lender works out how much you can borrow which is based on your income. Post some more info and someone will be able to guide you further.

All lenders credit check.

cheeky-virgin wrote:

2) if i get a mortgage, can i sell it any time...without interupting by lendors? .

Normally depending on the lender and deal, you would have to pay an early repayment charge for repaying your mortgage in full within a certain period (usually 2 - 5 years), although there are plenty of deals available with no early repayment charges at all.

cheeky-virgin wrote:

3) Just UK National can get a mortgage or every one is eligible for that ?
Thanks.

Depending on your nationality, visa status and any deposit, mortgages in the UK are available for most nationalities.

Hope this helps

AndrewSmith

cheeky-virgin wrote:

2) if i get a mortgage, can i sell it any time...without interupting by lendors?

Not quite sure what you mean by this.

If you sell the house that the mortgage is secured on, the mortgage HAS to be paid off in full before you receive any of the surplus monies. You will have no say in this as it is done by the solicitor acting for you.

If you repay the mortgage before the und of any incentive or 'special' rate you may, as HWIC has said, have a penalty to pay.

Does that cover what you wanted to know?

cheeky-virgin

AndrewSmith wrote:

Not quite sure what you mean by this.

If you sell the house that the mortgage is secured on, the mortgage HAS to be paid off in full before you receive any of the surplus monies. You will have no say in this as it is done by the solicitor acting for you.

If you repay the mortgage before the und of any incentive or 'special' rate you may, as HWIC has said, have a penalty to pay.

Does that cover what you wanted to know?

well Thanks for your messages!
i dont know much about mortgage system how does it work but a question just came in to mind for selling you house during the mortgage period.

suppose i got mortgage and actual value for the house is £200,000
and what happen after 3 or 6 months some body offer me $230,000 , so i have right to sell it ,and if i sell it bank will just deduct the actually amount which is £200,000 or they will ask on top of it as well......or do i need to inform the lender as well that i am selling etc.

or they do some kinds of agreements that i cant sell during the period or some thing ..!

Thanks

AndrewSmith

You are completely at liberty to sell whenever you like. the lender cannot stop you. However they can impose a penalty on you if you decide to clear the mortgage and sell within a set period, usually when they have given you a cheap rate.

Anything left over after paying off the mortgage, their penalties, solicitor fees and estate agency fee (if you use one) would be yours.

Andy

MarkyMarkD

As Help already said, you can get mortgages with no penalties so you could sell up at any time, settling the £200k and keeping any profit after legal costs etc.

But mortgages with no penalties are, in the main, slightly more expensive than those with penalties.