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

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

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

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

carpets and curtains, wall lamps, etc

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

The customer is charged mortgage interest on £48,000 i

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

3% of the loan

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

Understandably this is due to protecting their investment