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Ensure that you know how the settlement figure is made up

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 propertyıs mortgage repayments (interest only)

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Examine these policies carefully

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans

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

This possibility alone was enough to dissuade many people from becoming private landlords in the past

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

If you are considering protecting your repayments in the event of accident, sickness, unemployment or death, why not browse our Income Protection finder

A seller may ask you to negotiate specific issues or accept your offer in full; In which case by Scottish Law you are fully committed to the purchase

It may also give you a good indication regarding the seriousness of intent to sell

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

At the end of the policy term there will be a final one off bonus called the terminal bonus which may in some instances represent a large proportion of the borrowers final pay out

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

They are not secured against property or other assets

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

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