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The earlier you contact them, the more sympathetic they are likely to be

Let your lender know your intentions and ask under what circumstances may they be prepared to waver the redemption fee

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

If so, be bold and ask to see them

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

5%

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

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

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

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

The amount is usually measured in either pounds or months

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage