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Self build mortgage |
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Self build mortgageMortgage for those who wish to build their own home, renovate or convert their existing home. Funds are normally released in stages as work progresses following a satisfactory progress report from an architect.Self build mortgage Similar MatchesMIG Mortgage Indemnity GuaranteeMIG Mortgage Indemnity GuaranteeThis is insurance for the lender paid by the consumer in a one-off payment, on 'high' LTV mortgages. This protects the lender in the event that you default on the loan and the sale of the property is not enough to repay the amount that they are owed. Some lenders will insist you pay this if your mortgage is for as low as 75% of the value of the property, but 90% is a more common level. Some lenders will not insist on it regardless of the loan value. You can often add this fee to the loan, but be aware that you will then be paying interest on it until the loan is repaid in full. Interest only mortgageInterest only mortgageA mortgage where regular payments (usually monthly) only meet the interest requirements. The interest rate is usually variable and linked to prevailing rates but can be fixed for a given period. The capital amount outstanding remains approximately the same and the borrower will need to make additional provision for repaying this amount at the end of the term of the loan. Mortgage ServicingMortgage ServicingControlling the necessary duties of a mortgagee, such as collecting payments, releasing the lien upon payment in full, foreclosing if in default, and making sure the taxes are paid, insurance is in force, etc. Servicing may be done by the lender or a company acting for the lender, for a servicing fee. Collateralized mortgage obligation (CMO)Collateralized mortgage obligation (CMO)A security backed by a pool of pass-through rates , structured so that there are several classes of bondholders with varying maturities, called tranches. The principal payments from the underlying pool of pass-through securities are used to retire the bonds on a priority basis as specified in the prospectus. Related: mortgage pass-through security. Commercial mortgageCommercial mortgageA mortgage on a non residential building occupied by a business. Further SuggestionsPrivate Mortgage Insurance (PMI)mortgage interest relief at source Biweekly mortgage Mortgage Company Mortgage reference fee mortgage Repayment mortgage Wrap Around Mortgage Government insured mortgage Self amortizing mortgage Growing Equity Mortgage (GEM) Full status mortgage Mortgage pipeline Commercial Mortgage Backed Securities First mortgage flexible mortgage account mortgage indemnity Mortgage incentives Cap & collar mortgage Guarantee mortgage Mortgagee Reverse mortgage Private Mortgage Insurance Non status mortgage Low start mortgage |
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