repayment mortgage, mortgage guide uk

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Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

STEP 1 - WHICH LOAN? Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation

Some will allow for bonuses and some will only allow 50% of bonus

So make sure you get the facts

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

If negotiation is required, these offers and counter offers are known as missives

Be aware that making an offer may have legal consequences for you

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

The costs will be greater for house purchase than for remortgage

We recommend taking a look at homecheck

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

Assuming that you have your financial preparations in place (a mortgage in principle)

How long does your present fixed, discounted or capped rate last for

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

More detailed reports are also available for a small fee

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

Try not to widen your search in too much

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

At the very least a mobile phone

They are also useful for larger amounts or where the applicant requires a longer repayment period

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage