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At the end of the term, therefore, you will need to repay the capital

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

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As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

The policy is usually highly portable and allows free movement from lender to lender

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

The lender can give you a settlement figure, normally over the phone

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

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

Advice on Affording a Mortgage

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

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

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

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

Offers are invited above the stated price

You only get this if you qualify for income support