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Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

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

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

There are some important facts to understand about the mortgage indemnity charge

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

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

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

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

This protects the lender in case you do not repay the loan and your home has to be repossessed

Variable Rate Mortgage

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

Pay particular attention to buildings insurance

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

Cashing in the plans early may result in financial penalties

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