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It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

However, most vendors are reluctant to take the hit on the full amount

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

However should rates decrease the borrower will benefit from lower payments

If so, ask how they were damaged or why replaced

An endowment policy is a commonly used investment product to repay the capital, although there are other alternatives

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

It occurs when the seller accepts a higher offer from another buyer after already having accepted yours

Conditional planning permissions granted

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

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

The interest rate can fluctuate and is not fixed at the initial rate of interest

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

The moving in day is likely to be one of the most memorable days in connection with the property, so we hope our planner goes some way in making your move more pleasurable

Generally, secured loans are much easier to obtain than unsecured loans

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

This final bonus is not guaranteed in any way

Title searches at the Land Registry will also be carried out

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

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

Check it out and see how the neighbourhood is rated

The period of borrowing is for a short period (say less than 12 years) You are nearing retirement and want the security of guaranteeing the repayment of your mortgage

Interest Only Mortgage Advice

It is normal for lenders to charge up-front fees in the form of booking and/or arrangement fees

Offers are invited above the stated price

Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster