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Flexible Mortgages

An arrangement fee is typically charged on completion of the mortgage

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

The following planner will help focus on what needs be done and when

(Gazumping)

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

3% of the loan

The money is then paid back to the Lender over a fixed period of time together with accrued interest

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy

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

What other costs are involved in any remortgage scheme? What solicitors fees are incurred, valuation costs and set up fees? Once all this information is available you will be in a position to make an informed decision on how you might wish to proceed

Find out what else is included in the sale

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

This is referred to as a ‘redemption overhang’

It is common practice for lenders to pass this charge on to the borrower