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The money is then paid back to the Lender over a fixed period of time together with accrued interest

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

Most insurance companies will have extended buildings cover options which are well worth considering

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

Receives mortgage offer and deals with all the conditions on your behalf

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

Arrangement fees are common on fixed and capped rate mortgages

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

Setting the completion date The standard time between exchange of contracts and completion is four weeks

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

Proceedings relating to any infringement of building regulations

This is also particularly relevant in the case of sealed bids

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

This is the rate that they apply to all their borrowers before making adjustments for any special offers that may be available at the time and should be examined in every case before making the final decision regarding the choice of lender

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

These mortgages take the benefits of the flexible mortgage and use the funds held in the current account to offset the interest e

Fixed Rate Mortgage

Outline information is available free of charge, by entering a postcode

Examine these policies carefully

The opportunity to take payment holidays without incurring large penalties

4 weeks to go Arrange buildings insurance for your new home to commence on exchange of contracts. Check that your home contents are adequately insured (transit insurance) during the move. Start to use up food from your freezer. Contact the telephone company to organise reconnection or installation of a line. Book time off work. Make special arrangements for pets and remember that they often find moving home stressful!

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult