"Explained things in concise clear language. Easy manner - no pressure - created environment to make a decision."
Mr & Mrs M., Leeds, West Yorkshire
Welcome to 'Understanding Mortgages: Mortgages explained, defined and simplified!' from Shire Direct, where we explain Mortgages in an uncomplicated and easy to understand fashion!
'Understanding Mortgages' is our beginners guide to mortgages and the mortgage process - written to help you make the right choices when it comes to your Mortgage, where we also take a look at the further help we can provide when it comes to getting a mortgage!
Table of Contents:
In 'Understanding Mortgages', our beginners guide to Mortgages, we explain mortgages together with related mortgage terms, defined and explained in a simple and easy to understand manner, hopefully without appearing condescending to those who already know a little bit about the world of mortgages and the mortgage process!
We also take a look at the different mortgage repayment methods, as well as explain the process of a mortgage and how we can help arrange a mortgage for you! Whilst this guide is aimed really at those people who haven't yet entered into a mortgage transaction (i.e. first time home buyers), we hope anybody in the process of buying a home is able to gain some useful insight from it!
You see here at Shire Direct we recognise many people find the prospect of looking for a mortgage to be quite a daunting and an overwhelmingly complex task! And we can wholeheartedly sympathise! Understanding mortgages and how they operate can be hard work! There is a lot to take in, with vast amounts of jargon and a huge number of different mortgage types - it's almost as frightening as buying a new television system these days!
We were reminded ourselves during the production of this Mortgage Glossary of just how much jargon there is in the mortgage industry! And its all too easy for High Street Banks, Building Societies, Mortgage Lenders and indeed Mortgage Brokers like ourselves to make assumptions and take for granted that you, the customer, is already familiar with these terms. Thats why we decided to write this guide 'Mortgages Explained, defined and simplified', together with over 200 other pages in our Mortgage Glossary relating to various aspects of Mortgages and the Mortgage process.
We feel it's important for everyone to have a good understanding of mortgages and the mortgage process so that the right choices can be made - afterall a mortgage is likely to be the largest financial transaction most people are ever going to be involved in!
Whilst we can't cover everything in this single guide, we will certainly try to point you off to other useful and relevant pages within our Mortgage Glossary and elsewhere on our site where appropriate, which we hope you will find helpful.
Finally, we'll take a look at the Mortgage help we are able to provide, even if you have experienced credit difficulties. So, why not put the kettle on, and take a little time out to explore some of the options that could be open to you!
Certainly, we think it's a really good idea to be familiar with words such as Mortgage, Mortgagor, and Mortgagee before proceeding any further. Let's start at the top, what is a mortgage?
Quite simply a Mortgage is a loan for the purchase of a property which is secured on the property being purchased. The borrower offers their property to the Mortgage Lender as a form of security until the mortgage loan is repaid, which is usually taken over a long period of time, typically 25 years.
Some other Mortgage definitions it may be useful to know at this stage include:
So what is a Mortgagor exactly? Well, the Mortgagor is simply the legal name for the borrower, we'll try and use the word 'borrower' throughout our Glossary to make things easier!
And what is a Mortgagee? Well, as you may have already figured out by now, the Mortgagee is the legal name for the Mortgage Lender, the company who provides you with your mortgage loan. Again, we'll try and refer to the Mortgagee as the Mortgage Lender throughout our Glossary.
So in a nutshell, that's what a Mortgage is, together with a few other useful terms you may come across, to boot. Let's move on and have a look at some of the different repayment methods for Mortgages.
There are two ways in which a mortgage can be repaid:
Like many things in life, Mortgages come in many of different shapes and sizes, for people of different shapes and sizes! Well actually, not intentionally for people of different shapes and sizes! Let's just say there are different sorts of mortgages for different sorts of people to suit their requirements and their circumstances.
The range of different mortgage types includes (amongst others)...
To explain the in's and out's of all these different mortgage types is a little beyond the scope of our guide 'Understanding Mortgages', as there is a lot to cover, so why not head on over to our 'Different Types of Mortgage explained' page, where we take a look at each different mortgage type and the purpose it serves in greater detail, along with their advantages and disadvantages and how we may be able to help.
If you have suffered credit problems and are worried that you might not be able to obtain the mortgage funding you are looking for, then talk to Shire Direct!
We understand that most of us hit hard times when it comes to our finances at one time or another, and quite often not of our own choosing! Redundancy, accidents, illness, marital breakdowns, and bereavements can all cause chaos with personal finances and can result in credit defaults or County Court Judgements being registered against us, or letting our mortgage payments fall into arrears, which can have an affect on your chances of obtaining mortgage funding - although we're pleased to tell you that we have a range of mortgage schemes to cover these types of difficulty.
A quick call to one of our mortgage experts could soon help to put you in the picture. Naturally, we'll carefully take a look at your circumstances, together with your needs, requirements and aspirations to arrive at the most appropriate solution for you, even in the trickiest of situations. For instance, we can usually help with:
There are a few options! Firstly, why not give one of professionally qualified and friendly mortgage advisors a call on 08000 282 281, the call is free and our lines are open from 8am until 10pm, 7 days a week! You'll find a warm, friendly welcome awaits you and we'll listen with a sympathetic ear, without being judgemental. We'll be more than happy to discuss your requirements, naturally without obligation! We always aim to help wherever we can!
Alternatively, you might prefer to use our online enquiry form to enquire online at any time, it's quick and easy to complete, and you even do so at 3am in the morning in your pyjama's if you so choose! Whatever you decide, we'll carefully assess your details, and if we have enough information from you we'll be able to give you a rapid in-principle decision, whatever your circumstances.
So get in touch today, you've nothing to lose, and everything to gain!
Finally, why not take some time out to further explore our website and investigate the options that could be open to you. Our website contains hundreds of useful pages of Mortgage help and information, and if you can't find the precise information you are looking for then why not try our site search tool up in the top right hand corner of every page on this website.
Well, that wraps up our article 'Understanding Mortgages: Mortgages explained', we hope you found it to be of some use! Don't forget if you think we can be of help, we're only ever a free phone call or couple of mouse clicks away and would love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
