endowment mortgage, online mortgage uk

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Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

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.

If remedial work is required ask the owner if they have had any quotes

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

Larger borrowings

Current Account Mortgage

The following planner will help focus on what needs be done and when

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

4 weeks to go Arrange buildings insurance for your new home to commence on exchange of contracts. Check that your home contents are adequately insured (transit insurance) during the move. Start to use up food from your freezer. Contact the telephone company to organise reconnection or installation of a line. Book time off work. Make special arrangements for pets and remember that they often find moving home stressful!

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

The area of self-certification mortgages is a relatively new one which is proving popular due to the changing working environment

An investor may only hold one of each Mini in any tax year

Outline information is available free of charge, by entering a postcode

Irrespective of movements in the interest rate your monthly payments will not change

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

Examine these policies carefully

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

You do not mind taking some degree of financial risk

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

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.

Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

4% off for 1 year