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It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

Charges can be significant

Ensure that you know how the settlement figure is made up

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

Some plans are tax-efficient

Areas to pay particular attention to in selecting your cover are: Cover for any accidental damage

See below for more information about these features

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

This is the rate that they apply to all their borrowers before making adjustments for any special offers that may be available at the time and should be examined in every case before making the final decision regarding the choice of lender

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

However, in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

However should rates decrease the borrower will benefit from lower payments

This can be of great advantage in determining outline information before you go to the time and expense of having a survey and local searches made

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

It may be that administration charges, mortgage indemnity insurance, or building and contents insurance costs have been added to the amount you originally borrowed

They are not secured against property or other assets

The capital amount is to be repaid at the end of the period agreed

All mortgage lenders require a survey, some more thorough and detailed than others

Borrowers who anticipate rising interest rates

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

At the end of the policy term there will be a final one off bonus called the terminal bonus which may in some instances represent a large proportion of the borrowers final pay out

These mortgages take the benefits of the flexible mortgage and use the funds held in the current account to offset the interest e

a 5 year discount with a 7 year ERC

See FAQs for more details

Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

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