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The second influence on the amount you can borrow is your current level of income

Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid

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Plan and think ahead

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

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

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If you are refused a personal loan or wish to make enquiries concerning your own credit file, you can apply to the credit reference agencies for a copy of your credit file

If a redemption fee does apply, all is not lost

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Assuming that you have your financial preparations in place (a mortgage in principle)

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

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

This rate is known as the Annual Percentage Rate (APR)

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Avoidance of early redemption penalties

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

These will be provided for in the initial agreement