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There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

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

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

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

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

This search can take between four and six weeks although many councils process searches in two weeks

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

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

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

Ask why the current owners are selling the property

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.

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

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