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Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

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

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

You can choose cover according to your needs

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

Solicitors require at least 7-10 days to release the necessary funds

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

This method of repayment is the least risky and is often considered suitable if you want guaranteed repayment and prefer to see the amount owed to the lender decline each year

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

Set your price range and when you would ideally wish to move

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

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.

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

Exposure to interest rate rises

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

The second influence on the amount you can borrow is your current level of income

This policy is designed to offer income protection against unemployment, sickness and redundancy

Demand for housing is higher than the property available

The standard period is 14-28 days after exchange

This could end up saving you time and money

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

At this point a survey will need to be arranged so that a firm and informed offer may be made

So we know our specialist advisers can provide you with the mortgage that best suits your needs

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances