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Self Certification Mortgages

Your local borough council or solicitor will be able to provide you with the exact cost

Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid

Arriving at the property Before knocking, take a few moments to observe your first impressions

The period of borrowing is in excess of say 12 years

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

It is important to note that the valuation is carried out on behalf of the lender – not the mortgage applicants! Frequently lenders include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

At least you then have the information regarding how the seller would rather proceed

You are not looking for a guarantee of repayment at the end of the mortgage term

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

Each year the amount owed will decline

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

Larger borrowings

Note, the fee is usually non-refundable

It may be that administration charges, mortgage indemnity insurance, or building and contents insurance costs have been added to the amount you originally borrowed

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

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

You can choose cover according to your needs