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The money is then paid back to the Lender over a fixed period of time together with accrued interest

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

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

Flexible Mortgages

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

Written quotations are available on request

This had much to do with the amount of properties being repossessed at the time

The process of registration is usually conducted via a solicitor

This is an excellent option for the self employed

Equally, you may consider whether the most suitable mortgage vehicle for the future would be a repayment or interest only mortgage (see our Guide to your Mortgage Repayment Options) and this may be related to the prospect of remaining in the same house for the remaining term of your mortgage

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

Although both may vary, a deposit of between 5% and 10% is common, as is completion 28 days after exchange

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Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

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

These mortgages take the benefits of the flexible mortgage and use the funds held in the current account to offset the interest e

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

On-line conveyancing On-line conveyancing is one of the latest improvements in the legal process of buying and selling

a) Inform the vendor/agent about the dilemma to see if an agreement can be made regarding a reduction in the sale price

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR