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Mortgages Frequently Asked Questions

What kind of mortgage term can I obtain?
The length can be range from 5 years to as long as 40 years, depending on the amount you borrow and the lender you are with. The more common loan terms are from between 25 to 30 years.

Can I take my mortgage with me when I move?
You can transfer your mortgage to your new property if a 'portable' mortgage is part of the agreed terms of your original contract. There is a fee you may have to pay to your lender to facilitate this. If you have a 'non-portable' mortgage you will need to pay off the any existing loan and arrange a new one for the new property. In these instances you may be required to pay an early redemption fee.

Can I repay my mortgage early?
Most lenders will allow you to pay early, though you may have to pay a redemption charge in order to do so. Penalties can be very high if you are still in an introductory period.

Do I need mortgage payment protection?
Though not required, your mortgage is probably going to be the biggest financial commitment you are likely to have. This makes it a good idea to protect your repayments in case things unforeseen things take place. Various types of insurance are available from both banks and from independent insurers.

Who is eligible for payment protection?
Policies can usually cover UK residents aged between 18 and 64 years who are employed for a minimum of 16 hours per week. This also includes those who are self-employed.

What if I want to change my repayment method?
The terms and conditions of mortgage contracts are different from lender to lender, so the option may be available for changing your method of repayment but you will likely need to pay a fee.

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