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Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

a first-come, first-served fixed rate

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

Mortgage Endowment Policies

See below for a quick guide to secured loans

On your mortgage statement, normally received annually, you will see that the amount borrowed decreases throughout the term

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

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

Surveys come in three forms: Valuations, usually undertaken by the lender

Other factors may well be involved

For example, setting the price range on your next home

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

Disadvantages: Unexpected increases in payments at term end

This means that a mortgage with, for example, a discount to 31st January 2006 will have a redemption charge to either the same date or a date prior to this

Alternatively the title deeds will be sent to the mortgage lender in the case of raising finance for the purchase

In most cases, it is simply not worth it

Bankrupt A Corporation, Firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

Higher rate taxpayers may benefit from this option

A good site will ask if you want to receive them or not

Borrowers who anticipate rising interest rates

Most lenders and insurance companies offer a combined Buildings and Contents Policy

Which way is the property positioned? East facing rooms will receive more sun in the morning; West-facing rooms will be brighter in the afternoon

Sometimes capped mortgages have a level below which interest rates cannot fall

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all