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Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

Each year the original capital sum will remain outstanding

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

This means that all bank rates cuts are automatically passed on to the borrower

All mortgage lenders require an official search to be carried out

29% 2 year fixed fee free, no extended ties

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

With Profits – here the monthly premiums are pooled with other investors

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

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

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

Most lenders have a different name for this charge i

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

Capped Rate Mortgages

If you have any doubts check with the lender

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes