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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)

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

Commonly these will be between 3 and 3

This will prove handy at the time of making an offer

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Some will allow for bonuses and some will only allow 50% of bonus

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

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

These will be provided for in the initial agreement

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

Flexible Mortgages

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

Negotiating face to face can be a very effective tactic

First time buyers looking for security during the first few years of setting up home

Plan and think ahead

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

If you are obtaining a mortgage then your solicitor will need to prepare a Standard Security, giving your mortgage provider certain rights over the property

APR may vary

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

There are two main factors that influence the amount you are able to borrow

There are some important facts to understand about the mortgage indemnity charge

The definition of income may also change from one mortgage provider to the next

5% on a normal lending limit of 75% loan to value

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

You only get this if you qualify for income support

The customer is charged mortgage interest on £48,000 i

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage