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A flexible mortgage linked to a current account

This is referred to as a ‘redemption overhang’

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The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

a first-come, first-served fixed rate

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

Proceedings relating to any infringement of building regulations

The value of these holdings will alter on a daily basis and can go down as well as up

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

Without an appraisal, it is going to be difficult to plan ahead

These bonuses termed either annual or reversionary cannot be taken away

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

Investment managers may only be changed on an annual basis

The amount will vary from lender to lender and on the size of the mortgage

Discounted Rate Mortgage

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

With Profits – here the monthly premiums are pooled with other investors

This protects the lender in case you do not repay the loan and your home has to be repossessed

If you have any doubts check with the lender