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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.

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Switching between provider can only be completed on an annual basis and penalties may be incurred

Without an appraisal, it is going to be difficult to plan ahead

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

The typical rate is a rate that is offered to over 50% of successful applicants, and the exact rate offered to you will depend on your personal circumstances, the amount and term of the loan along with the credit assessment procedures

This may be due to a number of factors, but mainly occurs due to the condition of the property

Be prepared

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

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)

You never know, it could be a deciding factor involved in your decision to purchase or not

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

Searches are often one of the major causes of time delay

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

Generally, secured loans are much easier to obtain than unsecured loans

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

What the search should highlight Any Planning notices

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Individuals on tight budgets expecting wage increases over the first few years of the mortgage