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The initial pay rate would therefore be 3

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions

Larger borrowings

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

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

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

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

There are some important facts to understand about the mortgage indemnity charge

The freedom to make additional payments up to the annual limits

For more information please see:: Dealing with adverse valuations Recently built homes Most new houses have a National House Building Council (NHBC) Certificate

This may be due to a number of factors, but mainly occurs due to the condition of the property

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

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

5% of the value of the property for your conveyancing

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

Setting the completion date The standard time between exchange of contracts and completion is four weeks

If you completed our application form, it will be passed to your chosen provider in order that they may process it

When viewing a property ask the question and try to establish a rapport with the seller

The key advantage is that you should be able to track the process of the purchase online

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

Know which location/s you prefer

It simply informs the seller of your interest