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It acts as a form of insurance for the lender not the borrower

Another form of insurance is Mortgage Indemnity Guarantee

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

It is worth noting that the shorter you make the administrative process, the more organised you will need to be

If so, ask how they were damaged or why replaced

12 weeks to go Try starting a notebook to record details

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

Find out what else is included in the sale

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

You can choose cover according to your needs

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

They are more expensive than the lenders valuation

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded