variable rate, mortgage guide uk

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Try not to widen your search in too much

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

A number of these flexible mortgages may also offer the ability to operate your mortgage account as a bank account with the option to make withdrawals in certain circumstances

These will be provided for in the initial agreement

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

If your instincts tell you to leave it alone

Redemption penalties can prevent restructuring of your mortgage and associated finances

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

Check to see if this applies with your lender or solicitor

At the end of the term, therefore, you will need to repay the capital

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts