During your mortgage application, you might hear or read some unfamiliar words. Look up the definitions of all the key terms used in the mortgage world in our jargon-busting guide
This is usually done by remortgaging the property or swapping mortgage products to benefit from a lower interest rate.
Different lenders will have set reasons for which they will be willing to accept capital raising on a remortgage.
There are two types of credit check, a soft credit check and a hard credit check:
Soft credit check - This is a check on a person’s credit report that only considers certain information and does not include a complete examination of their credit history. Any soft credit check carried out on a person is not visible to other lenders and therefore has no impact on their credit score and any other applications they may make in the future. As they do not leave any trace on a person’s credit report, soft credit checks can be useful for someone wishing to check their own eligibility for credit without applying.
Hard credit check - This type of credit check will conduct a complete search of a person’s credit report. A hard credit check will also be recorded on the person’s credit report and so the application for credit will be visible to any other companies who run a credit check in the future.
Fees and upfront charges
The type of interest (fixed/variable)
Total cost of the mortgage over the full-term
Any special features (e.g. ability to make overpayments)
• A property that has been newly built (usually within the last 2 years)
• A newly converted property. This could be the conversion of a property that was non-residential, for example a factory, into a block of flats.
• A property that has been substantially renovated. Typically, the renovations are considered substantial when the property needed to be vacated in order to allow for the renovations to take place.
• A newly built or converted property (as above) that was previously occupied by tenants but has now been made available for sale by the developer.
There are many reasons why the mortgage sector is benefitting from open banking. By reducing the amount of manual evaluation required, open banking can accelerate the application process dramatically as well as removing a lot of the risk of human error.
Automating and speeding up the verification process permits faster, better-informed affordability decisions to be made, offering potential borrowers certainty earlier on in the application process.
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