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For example, the variable rate may be 5% with a discount of 1

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

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

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Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

This will prove handy at the time of making an offer

Watch out – the ERC can sometimes last longer than the fixed rate period e

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

It may be that there is more or less demand on a certain type of property or particular estates/areas

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

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

With discount mortgages borrowers need to watch out for ‘payment shock’

A survey carried out by the mortgage lender should indicate what sum to insure

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

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

a 3 year fixed rate with a 5 year ERC

Anywhere between 1% and 12% cashback has been available

Overtime and commission may be treated similarly

It occurs when the seller accepts a higher offer from another buyer after already having accepted yours

All lenders will insist on buildings insurance as the very minimum

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs