interest rates, home mortgage

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

A booking fee will normally be required with the application form

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

A previous buyer will only be too happy to get some of the survey costs back

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

Only one Maxi individual savings account may be held in any one tax year

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

It can be done, but much depends on the lender

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

29% 2 year fixed fee free, no extended ties

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

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

Investment managers may only be changed on an annual basis

In many cases, lenders offer different rates depending on the method by which you apply

Normally just complete a form online and a price is given

There are more properties on the market than there are buyers

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

You do not mind taking some degree of financial risk

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

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

They provide a detailed analysis of your financial position

Requests your deposit

You are then free to move into your new home