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Package mortgage |
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Package mortgageA mortgage on a house and property in the house.Package mortgage Similar MatchesBase rate tracker mortgageBase rate tracker mortgageA mortgage in which the rate of interest paid by the borrower follows movements in the base rate. Mortgage REITMortgage REITAn REIT that invests in loans secured by real estate which derive income from REIT REIT and fees. Mortgage advanceMortgage advanceThe money loaned to the buyer, by the lender. Mortgage indemnityMortgage indemnityA mortgage indemnity allows a mortgage lender to recover the costs incurred from a repossession by pursuing the former owner for the difference between a) what the property was sold for and b) what the former owner still owes under the mortgage.In effect, if you are unable to pay your mortgage, and your property is repossessed and sold, the lender can still chase you for a shortfall if the amount raised by the sale doesn't cover your debt.Some mortgage companies have insisted that borrowers take out an insurance policy to cover the potential liability - know as a mortgage indemnity guarantee. MIGs are most common where the deposit being put down by the mortgagor is less than 10% of the borrowed amount. Typically a MIG will add £1,600 to the cost of a £100,000 mortgage.MIGs have come in for a lot of bad publicity, and are not as common now as they used to be. Some lenders have abandoned them altogether. Tracker mortgagesTracker mortgagesThey are usually linked to the Bank of England base rate, in that you pay a set margin above the current base rate level. Unlike many of the other types of rate, most tracker rates will not revert to the SVR at any point during the life of the loan. They will continue to track the base rate until you have either paid off your mortgage or switch provider or product. You can also get tracker mortgages that have discounts and stepped discounts built into them. Further SuggestionsReverse annuity mortgages (RAM)variable rate mortgage pension mortgage Guarantee mortgage reverse mortgage senior mortgage bond Mortgage Servicing endowment mortgage Gnma (government National Mortgage Association) Options Mortgage pipeline risk fixed rate mortgage mortgage protection Blanket mortgage Biweekly mortgage Mortgage Real Estate Mortgage Investment Conduit (REMIC) Direct Reduction Mortgage remortgage Open End Mortgage Mortgage types Mortgage code arbitration scheme Buy down mortgage Collateralized mortgage obligation (CMO) Mortgage Self certification mortgage |
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