Our Mortgage Broker Guide to getting a mortgage in Silvertown
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 |
Be realistic when you apply for any creditA failed application for credit on its own can lower your credit rating. You should therefore be quite clear about your credit-worthiness – and in particular your ability to pay back any capital loaned – before you apply for any credit. You should avoid multiple failed applications for credit and, if you have a failed application, wait at least 3 months before you make another application. | Endowment MortgageEndowment mortgages refer to types of mortgage products associated with interest-only mortgages and so are therefore only open to non-residential customers at this time. Your repayments are made purely to pay for the interest levied with an interest-only mortgage. To pay off the capital, you need another investment vehicle and an endowment mortgage is one such approach to paying off the capital at the end of the mortgage. /div> You make regular payments into an endowment, which is itself an investment fund, during the lifetime of the mortgage with the hope and expectation that the fund will grow large enough to cover the capital at the time of the mortgage expiring. Endowment funds always force you to take out life cover so the capital is covered in the event of your death.
There is no guarantee, however, that the endowment fund will actually cover the mortgage's capital when the mortgage expires, leaving a significant shortfall. This is because investment funds can of course decrease in size as well as increase, there is no absolute surety of success. This result was sometimes observed when residential clients used to be able to take out endowment mortgages and is one of the reasons why interest-only mortgages are no longer accessible to residential customers. |
Silvertown is a district in the docklands area of the London Borough of Newham in East London and although it's dominated by the Tate & Lyle sugar refinery, is perhaps best known more widely for housing London City Airport.
Silvertown has a rich history along with the wider East End of London connected with the Port of London but including a famous strike at the original Silver's factory in 1889. The Silvertown explosion occurred in 1917 when a large amount of TNT blew up at a munitions factory there. During the blitz, the area suffered extensive bomb damage, which affected the various factories.
More latterly the Silvertown Partnership poured billions of pounds into developing the area (from 2015) and the modern area serves as an upmarket commuter dormitory area for city works with parks and other developments. The area has excellent communications in general.
Attractions and landmarks in the area include the ExCeL Exhibition Centre, the Olympic Park (in nearby Stratford), the Thames Barrier and the Woolwich foot tunnel.