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Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

A booking fee will normally be required with the application form

The seller in turn will most likely invite you to make an offer on or before a closing date

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage

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

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

In such cases there are three possible routes of action that may be of help

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

conducts a local authority search to highlight planning, financial and other charges affecting the property

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

Until the seller receives these funds, the buyer may not normally have access to the property

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)

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

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

No further funds can now be put into Personal Equity Plans

It may be possible to renegotiate the price of the property taking into account to costs of any work required

Your lender agrees a set rate of interest for a specified period of time

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

We specialise in helping people who find it difficult to obtain a mortgage or loan

All lenders base their mortgage range around their variable rate of interest

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

This will depend on future investment performance

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

This will prove handy at the time of making an offer