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Life assurance cover is not always necessary in taking out this type of mortgage

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

Some plans are tax-efficient

5% on a normal lending limit of 75% loan to value

Cashback Mortgage Is a mortgage product, which provides a cash lump sum or a cash percentage of the mortgage amount to spend as you wish. The cashback amount is paid to the borrower shortly after completion.

CML - The The Council Of Mortgage Lenders is a trade association specifically for mortgage lenders in the UK and its members undertake around 98% of UK residential mortgage lending. It provides a service to mortgage lending institutions by helping to establish and maintain a favourable operating environment in the residential mortgage and related housing market.

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

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

This will contain a number of conditions and other requirements that your solicitor will discuss with you

If you are considering protecting your repayments in the event of accident, sickness, unemployment or death, why not browse our Income Protection finder

Arrangement fees are common on fixed and capped rate mortgages

Any changes in the Bank of England base rate will be directly reflected in the monthly mortgage payments

An arrangement fee is typically charged on completion of the mortgage

Frequently they can be added to the mortgage hence the fee does not become an ‘out of pocket’ expense

Advice on Affording a Mortgage

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

Read all the details on the specification sheet

Watch out – the ERC can sometimes last longer than the fixed rate period e

It may be that there is more or less demand on a certain type of property or particular estates/areas

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

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

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available