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Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

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

The first of these relates to the current market value of the property to which the mortgage relates

For example, the variable rate may be 5% with a discount of 1

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

This may significantly increase the chances of your offer being accepted

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Disadvantages: The final value of the policy may not be entirely sufficient to repay your mortgage or the monthly premium may have to be increased later on in the term of the mortgage to compensate for poor returns

Most lenders and insurance companies offer a combined Buildings and Contents Policy

This is an excellent option for the self employed

Generally anything between 1 and 25 year fixed rates are available

Without an appraisal, it is going to be difficult to plan ahead