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APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

This means that all bank rates cuts are automatically passed on to the borrower

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to

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

- keeping them all in one place for when you need them

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

The valuation does not represent a detailed inspection

It will cover problems such as collapse or serious distortion of floor joists or the roof

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

YOU CAN APPLY FOR A LOAN WITHOUT LEAVING THIS SITE! the facility to apply online for your personal loan

Cashing in the plans early may result in financial penalties

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

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

Below is a quick and easy guide to personal loans

Switching between provider can only be completed on an annual basis and penalties may be incurred

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term