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Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

However, try to include as much as possible in the negotiations

Check it out and see how the neighbourhood is rated

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

On this subject see ‘No Redemption’ and ‘No Overhang’ below

They are not secured against property or other assets

This may have the effect of reducing the length of time it takes to repay your mortgage

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

Individuals utilising short-term finance arrangements to provide their deposit

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

There is potential for higher returns than endowments

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Some sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

Current Account Mortgage (CAM)

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Remember, it is your responsibility to get the correct sum insured

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

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.

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

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

Again, if you have any concerns about this, your solicitor will be able to advise you

a) Inform the vendor/agent about the dilemma to see if an agreement can be made regarding a reduction in the sale price

12 weeks to go Try starting a notebook to record details

Prior to making the decision to remortgage it is important to establish a number of basic facts or the benefit of your remortgage may be significantly reduced by penalties imposed by your current lender

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

Specific questions which may cover issues such as disputes with neighbours, alterations to the property, etc

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

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