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The policy is usually highly portable and allows free movement from lender to lender

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Requests your deposit

Commonly these will be between 3 and 3

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

Individuals on a tight budget expecting wage increases over the first few years of the mortgage

Your mortgage lender will insist on a property survey before approving your mortgage

Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

The cost of the survey is usually between £150 and £300 and provides a more in-depth inspection of a property

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur