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Here's a list of mortgage terms and phrases you might come across and an explanation of what they mean.
A
Agreement in PrincipleAn Agreement in Principle (AIP), also known as a mortgage in principle or decision in principle, gives you an understanding of how much you may be able to borrow
The best kept secret in property tax
When you buy a capital asset - like a machine for your business - you cannot deduct its cost to reduce your tax bill. Instead, you may be able to claim capital allowances. Capital allowances extend to the fixtures you acquire with a commercial property. Fixtures include the electrical, heating and ventilation systems, kitchens, san
What is Indexation?
The idea behind indexation is simple. It's just an add-on to your policy that allows you to increase your cover in line with inflation on an annual basis.
It is important to consider adding indexation onto your new Insurance Plans where possible, especially when inflation rises significantly.
Just look at fuel costs or your weekly s
Understanding economics terminology can help you make informed financial decisions. We have therefore put together this simple glossary for you.
Following the 2024 budget announcements, there has been quite a bit of concern from the farming community about how their land is going to be taxed.
Essentially, farmers never used to pay inheritance tax on agricultural and business property that they inherited. So, a family farm would smoothly pass from parents to children without there b
First-time buyers are often faced with lots of jargon and unfamiliar terminology, so here is a round up some of the most common terms and phrases in one handy guide.
This isn’t a comprehensive list but should be
Life Cover
When interest rates are on the rise, Buy-to-Let lenders may reassess their models to find ways of making rates more appealing to landlords and enhance affordability.
One commonly employed method involves offering a lower interest
The good news in this day and age is that we tend to have more open conversations with family and friends about money, and getting support wherever it might be needed.
Exciting times lie ahead, purchasing a home, but when you take out a mortgage you are taking on what is probably your biggest financial commitment. This can be quite daunting and the thought of sorting out anything else can be at the bottom of your priority list.
Let’s consider it’s like creating your perfect ‘6 slice pizza’ – I know bear with me!
Background
Male - Aged 49 - Business Owner - Partner with 2 children.
This individual already had Life & Critical Illness Cover in place via Legal & General when the family came to us as clients.
Event
Cancer Diagnosis & Treatment 2023.
Outcome
Giv
Background
Female - Aged 49 - Employed - No dependants.
Our client approached us back in 2020 to secure some Income Protection.
However, this was not possible at the time due to her circumstances, so our adviser thought outside the box, and discussed, that as an interim measure, we may look to secure some other options. Following discussions, we
Background
Male - Aged 45 - Employed - Married with family.
Our client had cover in place via ourselves, with both Legal & General and Royal London, to provide Financial Security for the family in the event of an unforeseen death or earlier Critical Illness.
Event
Sadly o
Background
Male - Aged 40 - Consultant - Married with 2 children.
We checked the existing Legal & General cover the individual had in place when they came on board with us, and it remained appropriate so no need to adjust / make changes.
Event
Cancer Diagnosis & Treat
Background
Male - Aged 41 - Sales Representative - Married with no dependents.
We implemented Life or Earlier Critical Illness Cover via Royal London and Life Cover with Fracture Plan attached via Zurich back in early 2020.
This individual's circumstances were changing in many ways over the months ahead and there was a desire to cease al
Background
Female - Aged 55/56 - Manufacturing Worker - Cohabiting no dependants.
Client had implemented Life & Critical Illness Cover with us many years earlier via Zurich.
Event
Cancer claim.
This diagnosis came to light with us late in the day,
Background
Male - Aged 48 - Mechanic - Married with 2 children.
Back in 2018 we meet with the client and create a package of cover that was cost effective and hit key points of cover for them.
We implemented Life & Critical Illness Cover and as part of the package with AVIVA, Fracture Cover was included (which
Background
Male - Aged 33 - Emergency Services Trainer - Married with 2 children.
Back in 2020 we meet with the clients and implemented a package of cover that was cost effective to them, supporting them in the event of Accident / Illness / Critical Illness & Death.
We implemented Income Protection as part of their package with Royal
Background
Male - Aged 33 - Lorry Driver - Co-habiting with 1 child.
Back in 2018 we meet with the clients and implemented a package of cover that was cost effective to them, supporting them in the event of Accident / Illness / Critical Illness & Death.
We implemented Income Protection as part of their package. We addressed Life &
Background
Female - Aged 50 - Administrative Worker - Married with no dependants.
We implemented Life & Critical Illness Cover via AVIVA in 2018 and Income Protection in 2020 via Exeter Friendly, to provide an element of financial support should an unforeseen event occur.
Sadly, earlier this year our client was diagnosed with cancer
Common Misperception
Most people I speak to think that because they have defaulted on a credit card or missed a payment on a loan that they will struggle to get a mortgage, but actually there are plenty of lenders out there that will consider lending to individuals with ‘blips’ in their credit file or even more serious credit issues such as CCJ’s or Debt Management Plans (DMP).
I am going to focus on the little ‘blips’ in someone’s credit file today
Mortgage lenders have always been particular on what they require. This varies from lender to lender but what can you do to help boost your chances of getting a Mortgage?
These 6 Mortgage tips will help First time Buyers understand some of the Mortgage requirements, and help re-mortgagors alike get the right Mortgage deal.
This case study highlights the expertise and advice Merrigan-Reis provided to an existing portfolio landlord who was purchasing a unique property - an Indian restaurant with two flats above it. The complex nature of this mixed-use property in Wakefield required specialised knowledge and a tailored solution.
Location: Wakefield
Loan Amount: 355,939
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