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Capped Rate Mortgage

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

You are not looking for a guarantee of repayment at the end of the mortgage term

Ask why the current owners are selling the property

Making an offer is one of the more stressful parts of buying a home

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

They are not secured against property or other assets

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership