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TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

5%

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

You are then free to move into your new home

Contrary to popular believe, lenders can be flexible

In such circumstances the borrower will be facing a significant increase in their monthly mortgage payment at the end of the discount benefit period

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

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Buy to Let Mortgages

Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

Read all the details on the specification sheet

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

The rate will also provide a buffer against increases in the interest rates

Mortgage lenders require that neither the buyer nor the seller have a bankruptcy notice registered against them

Disadvantages: The final value of the policy may not be entirely sufficient to repay your mortgage or the monthly premium may have to be increased later on in the term of the mortgage to compensate for poor returns

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

The opportunity to take payment holidays without incurring large penalties

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

Normally a lender will require a non-refundable booking fee in advance to reserve this option

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

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TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

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