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This service is subject to a small fee, and is available by contacting: Experian Ltd Online: wwwukexperiancom/consumer Telephone: 0870 241 6212 Post: Consumer Service Help Centre Experian Ltd PO BOX 8000 Nottingham NG1 5GX Equifax PLC Online: wwwequifaxcouk Telephone: 0870 010 0583 Post: Credit File Advice Centre PO BOX 3001 Glasgow G81 2DT If you are experiencing problems with your credit you may wish to contact the following companies for some help and advice

For a mortgage secured on a property, insurance may be required

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

The capital amount is to be repaid at the end of the period agreed

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

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

The amounts can range from a flat fee e

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

a 5 year discount with a 7 year ERC

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

This form of insurance is not compulsory

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

It can be done, but much depends on the lender

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

It may be possible to renegotiate the price of the property taking into account to costs of any work required

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental property¹s mortgage repayments (interest only)

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

This may result in the property having to be sold to repay the debt owed

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

The initial pay rate would therefore be 3

Base Rate Tracker Mortgages

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Variable Rate Mortgages

Arrangement fees are common on fixed and capped rate mortgages

If the plan is not reaching its expected target, the borrower can increase payments into the policy or invest in another product to cover any anticipated shortfall

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

The second influence on the amount you can borrow is your current level of income

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

As a result a lender may restrict the amount they are prepared to advance or place conditions on the advance

Receive replies to questions raised and reports to you with the contract for signing

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