Mortgage FAQs Category: Looking to the future...

What if I have early repayment charges (ERCs)?

These are charges you will have to pay to your lender if you choose to come out of your mortgage early. Either because you want to sell the house, or you want to pay off all, or some, of the mortgage you owe. Sometimes you can make overpayments without penalty – be sure to ask… Read more »

What do I do when I want to move?

Well, firstly, contact us – let us have a look at the options with you. It might be that you have ERCs (see next explainer), or it might be that you can port your mortgage (put simply – moving your mortgage to a new address). We can help you answer all of these questions. If… Read more »

Why are there sometimes restrictions on staircasing?

Sometimes Housing Associations put limits on the level that you are allowed to staircase to, i.e. the amount of the property you will be allowed to purchase in total. This limit might be 80% for example. Not all Shared Ownership properties have these restrictions, your Housing Association will let you know if there are any… Read more »

What is Staircasing?

If you own a Shared Ownership home, ‘staircasing’ is the word that describes the process of purchasing more shares of your home. This can be done up to 100% (where the HA allows) or in smaller increments. You can choose to staircase at any time, but it would usually be sensible to do this when… Read more »

What happens when my mortgage product runs out?

When your agreed mortgage deal comes to an end, you could end up paying a higher rate, known as the standard variable rate, or SVR. This means you’ll end up paying a higher interest rate than you need to, so  This will always be a higher interest rate than others on the market, so it’s… Read more »