variable rate, bank loan uk

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Disadvantages: Generally the rate will not be competitive in relation to the market

If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost £thousands (6 months interest is common) depending on the lender and scheme

99% 2 year discount, no extended ties fee free remortgage

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

This can be of great advantage in determining outline information before you go to the time and expense of having a survey and local searches made

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

With discount mortgages borrowers need to watch out for ‘payment shock’

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

There are some important facts to understand about the mortgage indemnity charge

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

Initial property enquiries This is where much time involved in selling and buying is wasted

These are more detailed than a lender valuation but they produced on behalf of the applicant

The customer is charged mortgage interest on £48,000 i

linked with a discount, but pure cashback products are not uncommon

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

There are two basic types of endowment policy – the with profits version and the unit linked version

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

Individuals utilising short-term finance arrangements to provide their deposit

This method of repayment is the least risky and is often considered suitable if you want guaranteed repayment and prefer to see the amount owed to the lender decline each year

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction

There are limits applied to all contributions