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Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

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

They deal with surveyors every day and should be able to recommend a good one

At the end of the term, therefore, you will need to repay the capital

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

This may have the effect of reducing the length of time it takes to repay your mortgage

Again, if you have any concerns about this, your solicitor will be able to advise you

A flexible mortgage linked to a current account

In either case the difference will need to be found before completion

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

Particularly furnishings and fittings,

This may reveal other factors that will not appear on any formal search

Being hit by an unexpected redemption fee can put a serious dent into your finances

Personal Possessions (including cash) on an all risk basis, in and outside the home

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

This also means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit can take out a loan

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

We are experts in finding mortgages and loans for people with a problem, or poor credit history

This can save hours of waiting on the phone trying to get to speak to your conveyancer

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

In many cases if approached sensibly, a happy medium can be reached

If added to the loan then interest is charged over the duration of the loan

Interest is far more likely to be calculated on a daily basis

For more information please see:: Dealing with adverse valuations Recently built homes Most new houses have a National House Building Council (NHBC) Certificate

Buildings survey Also known as a structural survey

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available