fixed rate, mortgage guide uk

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Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

However, try to include as much as possible in the negotiations

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

Unfortunately not all estate agents are ethical in this area

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

a 3 year fixed rate with a 5 year ERC

Avoidance of early redemption penalties

Cashing in the plans early may result in financial penalties

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

The seller is legally required to answer these enquiries honestly! But do they? We believe not always

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

Buy to Let Mortgages

Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

They should be included in the sale

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

However it is possible to speed up the process by arranging a personal search

Cashback Mortgages

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

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If so, ask how they were damaged or why replaced

The initial pay rate would therefore be 3

Listed below are examples of some of the best deals around

Remember, it is your responsibility to get the correct sum insured