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Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

Cashback Mortgage Is a mortgage product, which provides a cash lump sum or a cash percentage of the mortgage amount to spend as you wish. The cashback amount is paid to the borrower shortly after completion.

CML - The The Council Of Mortgage Lenders is a trade association specifically for mortgage lenders in the UK and its members undertake around 98% of UK residential mortgage lending. It provides a service to mortgage lending institutions by helping to establish and maintain a favourable operating environment in the residential mortgage and related housing market.

There are more properties on the market than there are buyers

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

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

This mainly occurs in a sellers market or where the property is of rare value

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

Liaises with relevant parties and negotiates a date for completion

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

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

If you do have difficulty making your repayments you should seek advice from your lender immediately

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

UK Pensions Advice

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

Anywhere between 1% and 12% cashback has been available

It is still possible to have up-front charges for discounted products and an Early Redemption Charge is common

If negotiation is required, these offers and counter offers are known as missives

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

This can save hours of waiting on the phone trying to get to speak to your conveyancer

Unfortunately not all estate agents are ethical in this area

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

Buyers Market

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums