self certify, personal loan

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A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

A valuation of the property is supplied based on the approximate market value of the property

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

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

Regular checking of the policy fund itself by the borrower and the lender should minimise any risk

5%

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

You do not mind taking some degree of financial risk

This is a fantastic time saver

Advantages: Monthly payments can adapt to the level of monthly income you receive

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

If added to the loan then interest is charged over the duration of the loan

You are not looking for a guarantee of repayment at the end of the mortgage term

Written quotations are available on request

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

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

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

Demand for housing is higher than the property available

Compulsory purchase orders

This policy is designed to offer income protection against unemployment, sickness and redundancy

These will be provided for in the initial agreement

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

ISA The Individual Savings Account (ISA) is a tax free method of saving

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

Buyers Market