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In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

This form of insurance is not compulsory

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

Poor Credit & Loan Advice

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

With discount mortgages borrowers need to watch out for ‘payment shock’

They should be included in the sale

Base Rate Tracker Mortgages

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

A removal firm will normally supply a quote over the phone, based on the location your moving from and to

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

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 idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

This rate is known as the Annual Percentage Rate (APR)

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

Disadvantages: Associated redemption penalties are restrictive

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Poor Credit history can include County Court Judgements(CCJ), Bankruptcy, Mortgage arrears or any late payments on credit arrangements

No further funds can now be put into Personal Equity Plans

Pay particular attention to buildings insurance

If negotiation is required, these offers and counter offers are known as missives

A previous buyer will only be too happy to get some of the survey costs back

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget