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This includes your mortgage type (whether it is repayment or interest-only), whether you've missed any payments, your overall income and outgoings, and whether you bank with Santander.
A mortgage type that offers borrowers lower rates in return for sharing any profits with the lender on the eventual sale of the home is reappearing around the country.
"I can announce today new guidance for the judiciary to halt or adjourn court action on repossessions, unless alternative options that help the homeowner, including extending the terms of the mortgage, changing the mortgage type and deferring payment, have been fully examined first of all.
When it comes to choosing a mortgage type, many of the same considerations apply whether you're employed or self-employed, though offsetting – where you reduce your mortgage interest by holding a cash account with the same institution – can lend itself to freelancers.
Clearly, for lenders and borrowers focused on minimizing the initial payment, the choice of mortgage type was far more important than the level of short-term interest rates.
This consisted of a mortgage eligibility checker called Mortgage Report, which claimed to give you a "hyper-personalised" view of your mortgage options, and the Burrow Mortgage Score to indicate how much each lender would be willing to lend and the right mortgage type (e.g. fixed, variable, capital repayment, interest only mortgage).
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Because of ongoing U.S. mortgage market stress and significant uncertainty about the amount of mortgage insurance claims that could emerge over the next several years, Moody's said last week that its projection for cumulative losses on subprime mortgages issued in 2006 is now in the 14%-18 14%-18 and that it will update loss projections for other mortgage types over the next several weeks.
My response to that challenge has been to develop decision rules that indicate the circumstances under which each of the major mortgage types should be selected.
Because prices are reset every day, readers who want to check it out for themselves can do it by clicking on Prices of Different Mortgage Types.
This is true across all mortgage types (prime, subprime, Alt-A, etc)., even after accounting for borrower characteristics like credit scores and debt-to-income ratios, according to the report.
It would not surprise us if subprime mortgage-type underwriting looseness had infected other consumer markets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com