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In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

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

See below for a quick guide to secured loans

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

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Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

The first of these relates to the current market value of the property to which the mortgage relates

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

This will prove handy at the time of making an offer

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

For example, setting the price range on your next home

The amount is usually measured in either pounds or months

Has it been recently decorated? Does it require any major work or modernisation? Ask what else is included in the sale

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

carpets and curtains, wall lamps, etc

The investment vehicle is entirely portable and can be taken with you to a new lender no matter how many times you might move

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

A Guide to Unsecured Personal Loans Unsecured personal loans are offered by lending institutions such as banks and building societies

The Maxi individual savings accounts combine three basic elements in one plan, with a limit of £5,000 (£7,000 in the current tax year) being placed on the investment

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

They deal with surveyors every day and should be able to recommend a good one

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional

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