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Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

Lenders will also use credit reference agencies to obtain information about you

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

A single payment is made to your lender each month covering both the interest charged on the loan as well as the repayment of the outstanding capital

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

Your lender agrees a set rate of interest for a specified period of time

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

A valuation of the property is supplied based on the approximate market value of the property

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

If you do have difficulty making your repayments you should seek advice from your lender immediately

An arrangement fee is typically charged on completion of the mortgage

This possibility alone was enough to dissuade many people from becoming private landlords in the past

Particularly furnishings and fittings,

a) Inform the vendor/agent about the dilemma to see if an agreement can be made regarding a reduction in the sale price

The policy is usually highly portable and allows free movement from lender to lender