Our Mortgage Broker Guide to getting a mortgage in Eltham
The mortgage application process has 4 stages regardless of which mortgage lender you use:
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Mortgage Broker Tip 1 | Mortgage Broker Tip 2 |
What about County Court Judgements, Bankruptcy Orders and Defaults?They are bad, but not the end of the world. They will stay on your file for 6 years and will play a factor in the decision to offer you a mortgage. Some mortgage lenders may take into consideration other factors such as several years of good credit scoring, continuous employment, savings and references. Speak to a SAM Conveyancing Mortgage Broker for the best advice on this. | Repayment MortgageThese are now the only type of mortgage open residential home buyers. As they sound, you repay the mortgage by paying back some of the interest each month as well as some of the capital you've been loaned. The mortgage is fully repaid once you've successfully made all the monthly payments for the whole term (traditionally 25 years).
Repayment mortgages are distinct from interest-only mortgages, where you simply pay back the interest on the mortgage loan each month and at the end of the mortgage period, you repay the capital with money you've saved elsewhere. Monthly repayments are therefore cheaper than for repayment mortgages, however there's no set vehicle for saving up the capital to be repaid. |
Eltham is a suburb in south-east London in Greenwich Borough, 8 miles east south-east of Central London. Architecture in the area is very varied and includes anything from cottages, local authority houses and villas to the Lord Chancellor's Lodging, a grand house built around 1420. The many green spaces around include King John's Walk and Oxleas Meadows.