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

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period

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.

Charges can be significant

Ability to benefit from rate cuts as they occur

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

Individuals on a tight budget expecting wage increases over the first few years of the mortgage

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

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)

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

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

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

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Generally, secured loans are much easier to obtain than unsecured loans

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

This is referred to as a ‘redemption overhang’

Gain an advantage view point of the roof - Does it bow or are there any tiles missing? Are there signs of any glass being recently replaced or damage to external doors? Possibly indicating signs of break-in

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

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