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All mortgage lenders require a survey, some more thorough and detailed than others

Investment managers may only be changed on an annual basis

The customer is charged mortgage interest on £48,000 i

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

No further funds can now be put into Personal Equity Plans

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

Other factors may well be involved

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

The cost of this is therefore to be taken into account when selecting a lender

Some will allow for bonuses and some will only allow 50% of bonus

Ensure that you know how the settlement figure is made up

Watch out – the ERC can sometimes last longer than the fixed rate period e

The period of borrowing is in excess of say 12 years

2% fees-free offset mortgage

Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

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

The way lenders quote interest rates varies