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They provide a detailed analysis of your financial position

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

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

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

Some plans are tax-efficient

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Imagine each room empty

First Time Home Buyers Buying your first home can be a daunting proposition

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

Has it been recently decorated? Does it require any major work or modernisation? Ask what else is included in the sale

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

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

The inspection is limited to comparing the price being paid against similar property in the area and checking the general condition and location of the property

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Setting the completion date The standard time between exchange of contracts and completion is four weeks

The area of self-certification mortgages is a relatively new one which is proving popular due to the changing working environment

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

Switching between provider can only be completed on an annual basis and penalties may be incurred

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

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

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early