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Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

A survey carried out by the mortgage lender should indicate what sum to insure

Below is a quick and easy guide to personal loans

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

This may have the effect of reducing the length of time it takes to repay your mortgage

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

A Guide to Secured Home-Owner Loans A secured loan is any loan that requires the borrower to provide the lender with some form of security

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

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

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

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

It can be done, but much depends on the lender

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

The investment vehicle is entirely portable and can be taken with you to a new lender no matter how many times you might move

Especially considering that they had gone to the expense of paying for a building survey

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

However, most vendors are reluctant to take the hit on the full amount

Interest is far more likely to be calculated on a daily basis

Variable Rate Mortgage

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

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

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

Plan and think ahead

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction

This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

So ask and make it a condition of any offer

The experienced agent is likely to be skilled in the art of negotiation and know what buttons to press

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

For borrowers moving house regularly, this can result in little of the capital being paid off

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage