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The increased flexibility inherent within the repayment vehicle can lead to shortfalls in relation to the amounts required owing to withdrawals having been made

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

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

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

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

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Particularly furnishings and fittings,

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

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

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

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

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

(Gazumping)

Buyers should check carefully any property they wish to buy for such restrictions

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 property¹s mortgage repayments (interest only)

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

Overtime and commission may be treated similarly

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property