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You do not mind taking some degree of financial risk

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

If asked, the seller will let you know how they would like to proceed

The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed

linked with a discount, but pure cashback products are not uncommon

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

For example, setting the price range on your next home

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

First Time Home Buyers Buying your first home can be a daunting proposition

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

The capital amount is to be repaid at the end of the period agreed

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

This is covered above

The lender can give you a settlement figure, normally over the phone

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

The period an Early Redemption Charge applies can vary

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Save £s on your buildings and home contents insurance

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

This is an excellent option for the self employed

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

a first-come, first-served fixed rate

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

There are more properties on the market than there are buyers

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset