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At the end of the term, therefore, you will need to repay the capital

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

This had much to do with the amount of properties being repossessed at the time

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

Title searches at the Land Registry will also be carried out

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)

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

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

In return for an annual or monthly premium the insurance company will cover the cost of replacing or repairing an item that is lost, stolen or damaged

The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

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

Current Account Mortgage (CAM)

The law on moveables is quite complex

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

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

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

Endowments provide life assurance so that in the event of death the mortgage is paid off

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

It may be that there is more or less demand on a certain type of property or particular estates/areas

Larger borrowings

Some plans are tax-efficient

In many cases, lenders offer different rates depending on the method by which you apply

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

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

Cashing in the plans early may result in financial penalties

In most cases, it is simply not worth it

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return