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interest only mortgage

The latest in our FAQ series concerns a girlfriend who is worried that her partner is in over his head over an interest-only mortgage.

Q: Two and a half years ago, my boyfriend bought a flat using an interest-only mortgage. However, he could only really afford the house because he was consistently getting good bonuses at work. A year into his mortgage, the bonuses started drying up and since then he’s been overspending and using credit card debts to pay for his mortgage costs.

However, because there’s not enough money coming in he has missed two credit card payments. He’s reassured me that his situation will change in six months when his fixed rate deal expires and he can increase his interest-only mortgage and pay off his debts.

Am I worrying over nothing?

A: No you are not. I think your boyfriend may have underestimated how much the mortgage market has changed over the last year or two. The criteria that must be fulfilled to get a loan is now much stricter. More...

 

Welcome to the first blog in a series of FAQs. This series will answer queries that our conveyancing team get asked by homeowners and house buyers on a regular basis. So, without further ado...

Can You Sell A House When You’ve Lost the Property Deeds?

Q: I have just accepted an offer on my mother's house who has recently died. Grant of probate has been given in my name but I cannot locate the title deeds to the property. Is the grant of probate sufficient on its own for me to sell my mother's property?

A: No, as the grant of probate doesn't prove that your mother owned the property.

You will firstly need to contact the Land Registry to ascertain whether or not the property is registered. If the property is registered, you needn't worry about the lost house deeds as the Land Registry will hold official copies of all the documents that you would require to sell the property.More...

residential conveyancing

If you’re looking to own your very own home, there are a number of ways that you can get help. One of those ways is through getting a shared equity home loan.

What is a shared equity loan?

In order to get a mortgage and buy a property, you need to put down a deposit. Shared equity allows you to get a loan that acts as part of your deposit.  Put simply, shared equity allows you to buy a property without paying a large deposit upfront – perfect for those people who want to buy a home of their own but don’t have the big lump sum.

Shared equity mortgages shouldn’t be confused with shared ownership schemes, where you buy a share of a home (usually between 25% and 75%) and pay rent to whoever owns the remainder.

Do I completely own a property if it’s bought through shared equity?

Yes. You own 100% of the property.

What happens when I sell a shared equity property? More...

With effect from 15th February 2015 EU Regulations on Consumer Online Dispute Resolution (ODR) allow consumers who bought our services online to submit their complaint via an online complaint portal.

We are required under the regulations to provide our clients the following information:-
  1. Link to the ODR platform - please follow the following link for further information (http://ec.europa.eu/consumers/odr).
  2. Our contact email address in case of a complaint under the ODR regulation – Andrea Coombes andrea.c@howellslegal.com