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APR may vary

External Observations Ask to see the garden and the garage

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

This may result in the property having to be sold to repay the debt owed

Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

See below for more information about these features

Personal Possessions (including cash) on an all risk basis, in and outside the home

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

A number of these flexible mortgages may also offer the ability to operate your mortgage account as a bank account with the option to make withdrawals in certain circumstances

Most lenders have a different name for this charge i

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

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

Some short term discount products offer a ‘deep discount’ e

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

£200 to a percentage of the loan e

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

The period an Early Redemption Charge applies can vary

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

The first of these relates to the current market value of the property to which the mortgage relates

The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur

However it is possible to speed up the process by arranging a personal search

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall