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This means that all bank rates cuts are automatically passed on to the borrower

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

Capped Rate Mortgage

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

The process of registration is usually conducted via a solicitor

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Most insurance companies will have extended buildings cover options which are well worth considering

It is important to note that this is not an official search

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

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional

Your local borough council or solicitor will be able to provide you with the exact cost

Life assurance cover is not always necessary in taking out this type of mortgage

Interest is far more likely to be calculated on a daily basis

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

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

The experienced agent is likely to be skilled in the art of negotiation and know what buttons to press