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Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

There are more properties on the market than there are buyers

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

For borrowers moving house regularly, this can result in little of the capital being paid off

Exposure to interest rates

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

Before the exchange of contracts, you will have to agree on a date for completion of purchase

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

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

Poor Credit & Loan Advice

Variable Rate Mortgages

If a redemption fee does apply, all is not lost

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

More detailed reports are also available for a small fee

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

You can choose cover according to your needs

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

STEP 1 - WHICH LOAN? Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation

The amount is usually measured in either pounds or months

Before making an advance, your mortgage lender will require a valuation report as a minimum

A Guide to Unsecured Personal Loans Unsecured personal loans are offered by lending institutions such as banks and building societies