Recent data from confused.com has given an interesting overview of what the UK wants to know about mortgages.
We advise anyone considering taking out a mortgage to get professional help, internet searches may not always offer the best solution to your situation.
With that in mind, here is a list of questions plus some ideas on the answers.
The searches ranked
Here are the top mortgage-related questions and their number of annual searches.
How long does a mortgage application take? 20,000+
How long does a mortgage offer last? 17,480
How to get a mortgage with bad credit? 14,800
What is an interest only mortgage? 14,360
What is a lifetime mortgage? 14,250
How long does a mortgage application take?
When looking at search questions, it’s important to understand the intent behind the query. At first glance, this question could be asking how long it takes to fill in a mortgage application form. This could be the case and there would certainly be no harm in providing this information if it was available. There might not be a hard-and-fast answer but we can offer some guidance.
Again there is no exact answer to this, it will depend on the type of mortgage, how thorough you have been in completing your paperwork, what backlog the lenders have and what further information they may require. Every application is treated differently so there is no one answer fits all. There is an average number quoted of 18-40 days but this should only be used as a guideline.
How long does a mortgage offer last?
This is a straightforward question and ideally, you should give a straightforward answer. Each lender will have their only rules, you will be given a answer such as “typically between three and six months but check your agreement”.
How to get a mortgage with bad credit?
There are a few potential ways to answer this. Firstly, we can choose to direct you to mortgages which could be available to people with bad credit. Or if we have dealings with specific lenders and have experience with this type of mortgage we can offer you direct advice.
Here is an article from Which? That explains in more detail the information you may need.
What is an interest only mortgage?
In the current situation, it’s worth considering the possibility that many people will consider this as a solution to payment difficulties.
Here is an article from Which? That tells you what to expect from an interest only mortgage and some of the things to consider before taking out this type of mortgage.
What is a lifetime mortgage?
At Equity Release Alliance we offer a full range of information regarding this type of mortgage.
A lifetime mortgage is completely different and every application is dealt with very much in a specialist manner. Please review our information here
Your property may be repossessed if you do not keep up repayments on your mortgage.
The FCA does not regulate some forms of buy to let mortgages.
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