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This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

the mortgage has to be held for a number of years before the lender breaks into profit

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

In return you usually agree to pay the variable rate charged by the bank or building society, for a specified term

The area of self-certification mortgages is a relatively new one which is proving popular due to the changing working environment

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

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

It provides no benefit to you, it is for the lenders protection only

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

Disadvantages: Associated redemption penalties are restrictive

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

All mortgage lenders require an official search to be carried out

Flexible mortgage rates overcome this problem by allowing the borrower to make both over and underpayments into the account

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Possibility of losing out should interest rates fall below your agreed rate

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

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

This is usually linked to the amount of cashback provided

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

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

Obviously, neighbours have the potential of making your life absolute hell; So if you have a doubts do not be afraid to ask

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

Be precise when filling out the registration forms