Five FAQs about mortgages

 

Can my mortgage provider ask me to leave my property without any notice?

No, as you have a right to a period of notice before any eviction order can be served on you. If you are having problems paying your mortgage and your lender is moving to repossess your home, contact a mortgage and repossessions solicitor as soon as you can. They can assess your position and plan a course of action you can take.

Are commercial mortgages the same as domestic mortgages?

Commercial and domestic mortgages do share many of same components, but generally commercial mortgages will have several additional conditions attached to them. Also, deposits for commercial mortgages tend to be higher. Whichever mortgage you are looking for, ensure you have a solicitor with the right knowledge and experience.

Can I change my mortgage at any time?

Always look closely at your mortgage agreement or have a specialist solicitor assess your contract, as in some instances you may have to maintain your mortgage for a minimum length of time before you can switch to another lender. Your solicitor can advise whether it is within your best interests to switch mortgage lender if there are penalties attached to this action.

Would I be able to obtain a second mortgage?

As all mortgages are based on your ability to repay the loan, a mortgage lender will look closely at your existing mortgage and assess whether you can afford another one. Your solicitor will explain how the LTV (Loan to Value) ratio works and how this forms the basis of the decision your lender will make about your application.

How can a solicitor help with mortgages?

As a mortgage will involve an exchange of contracts, it is vitally important that you have the service of a property solicitor to help with your purchase or sale. When queries do arise, your solicitor can help you resolve these quickly.

If you would like to obtain legal advice on mortgages, Caven can put you in touch with a local mortgage and repossession solicitor free of charge. So, if you have any questions or would like our help in finding local mortgage and repossession solicitors please call us on 08001 221 2299 or complete the web-form above.

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