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For a borrower wanting one home for their finances this is an attractive option

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Discounted Rate Mortgage

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

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

This will contain a number of conditions and other requirements that your solicitor will discuss with you

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

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

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

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

This may be due to a number of factors, but mainly occurs due to the condition of the property

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

Title searches at the Land Registry will also be carried out

With this type of mortgage, interest may be calculated on a daily or weekly basis

In many cases, lenders offer different rates depending on the method by which you apply

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

Plan and think ahead

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

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

In the longer term, with flexible mortgage rates, you should see the reduction of the amount owing occurring more quickly than a standard mortgage