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Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

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

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

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

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

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

This is a fantastic time saver

Remember, it is your responsibility to get the correct sum insured

The agent will be more willing to hand you properties that he can sell quickly or that are in greater demand

Advantages: Monthly payments can adapt to the level of monthly income you receive

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

Instantly compare hundreds of credit cards and rates to help you choose the best deal

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

The amounts can range from a flat fee e

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

The interest rate can fluctuate and is not fixed at the initial rate of interest

These are often referred to as credit scoring facilities

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

Stamp Duty becomes payable at the time of completion/taking entry and is normally made via a solicitor

Advice on Affording a Mortgage

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

A recommendation of the building/rebuild insurance cover required should also be given