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This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

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

All lenders will insist on Buildings Insurance as the very minimum

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

Be precise when filling out the registration forms

Lenders will also use credit reference agencies to obtain information about you

- keeping them all in one place for when you need them

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

Without an appraisal, it is going to be difficult to plan ahead

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

This method of repayment is the least risky and is often considered suitable if you want guaranteed repayment and prefer to see the amount owed to the lender decline each year

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

Current Account Mortgage (CAM)

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

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.

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

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

What the search should highlight Any Planning notices

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

They are not secured against property or other assets

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

However, in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

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)

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

Outline Information is available free of charge, by entering a postcode

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

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

Having difficulties obtaining a mortgage, because of CCJs, defaults, or arrears? We are experts in finding mortgages and loans for people with poor credit

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i