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

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

5% of the value of the property for your conveyancing

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

This tends to be between £25 - £50 and may be avoided if enough objections were made

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

Sometimes capped mortgages have a level below which interest rates cannot fall

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

Providing the product has a red apply icon, you can submit your application without leaving our site

Ability to benefit from rate cuts as they occur

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

Home working equipment cover

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

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

Negotiation with a lender is possible

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

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

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

It may be possible to renegotiate the price of the property taking into account to costs of any work required

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

Each year the original capital sum will remain outstanding

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account