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What is a Mortgage Indemnity Guarantee (MIG)?
I am self- employed, can l get a mortgage?
My credit rating is poor, how will this affect me?
Will redemption penalties affect me?
Exchange of Contracts:

What are CAT Standard Mortgages?
What is APR or Annual Percentage Rate?
What are the implications of Daily interest?
Can I change the term of the mortgage?


What is a Mortgage Indemnity Guarantee (MIG)?

This is a fee that is charged by the lender for a loan over a certain amount (usually 80% of loan to value). This is a single premium insurance policy that is paid by the borrower to the lender. This premium is either paid direct by the borrower, debited to the mortgage account or added to the advance. It protects the lender in the event of a default by the borrower. If repossession and eventually the sale of the property occurs, any loss suffered by the lender, is claimed against the indemnity insurer for the amount of monitory loss. It is important to note that the MIG insures against the possibility of loss, but it does not cover the obligation of the borrower to repay the loan.

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I am self- employed, can l get a mortgage?

YES. Most lenders will want 2-3 years accounts, although there are specialist lenders that can solve any difficulties you may have. If you have any worries, please speak to one of our qualified advisers who will point you in the right direction.

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My credit rating is poor, how will this affect me?

It depends on the severity of the problem and how long ago it occurred. Typical APR is 7.1%. If you fall into this category, please contact one of our qualified advisers to discuss your situation.

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Will redemption penalties affect me?

This type of penalty is generally a condition should you repay part, or full repayment of your loan during a specified term, then you will be liable to pay a penalty. If this applies to you, it will be mentioned in your Mortgage Offer. They are not payable on all types of mortgages, but could apply to special deals, for example a 2 year fixed rate mortgage. To see if this would affect you on a loan you may be considering, please contact one of our qualified advisers.

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Exchange of Contracts:

Once the signing and exchange of contracts between the seller and buyer have been completed, both parties are committed to the transaction. The buyer or purchaser is now responsible for insuring the property.

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What are CAT Standard Mortgages?

CAT standard mortgages were introduced as an option for applicants, who wish to have some clearly stated guarantees in respect of the charges, access and terms that will apply. However this type of mortgage does not always mean that a CAT standard product will be the most suitable product of an individual. When a CAT standard mortgage product is chosen, an intermediary is not permitted to charge the client a fee.

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What is APR or Annual Percentage Rate?

Annual percentage rate (APR) is an industry-wide method of comparing interest rates and charges for credit between lenders so that the borrower can make an informed decision on the price implications of the product. APR is not a ‘true’ rate as such; it is calculated by using a complicated formula, which takes into account of some (but not all) costs of setting up the loan.

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What are the implications of Daily interest?

Many financial institutions have moved to the daily interest system or are considering doing so. The system is similar to that applied to credit cards. The system adjusts the debt every day taking into account all transactions. As a consequence, early payers are rewarded and late payers are penalised.

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Can I change the term of the mortgage?

It is possible to reduce and increase the term of the mortgage?

To reduce the mortgage term, the borrower can make larger monthly payments than those in the original mortgage contract. This will in effect reduce the amount of interest payable on the mortgage. The mortgage term can also be extended. This is sometimes an option for borrowers who have run into financial difficulties. It has the effect of reducing the monthly repayments and hence making the mortgage more affordable.

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The Cooper Partnership DO NOT charge a broker fee:
Typical fees are 1% of mortgage.

 
The Cooper Partnership - 26 Wren Avenue, Eastwood, Leigh on Sea, Essex. SS9 5AF
Email : info@coopermortgages.co.uk
 
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