fixed rate, secured loan uk

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Cashing in the plans early may result in financial penalties

This may reveal other factors that will not appear on any formal search

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

It simply informs the seller of your interest

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

This tends to be between £25 - £50 and may be avoided if enough objections were made

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

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

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

Higher rate taxpayers may benefit from this option

This may mean that you require a scheme which permits lumps sum payments to reduce the mortgage or may be seeking to combine both your current account and mortgage borrowings in the same financial product

The key thing is to talk with your lender

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Prior to making the decision to remortgage it is important to establish a number of basic facts or the benefit of your remortgage may be significantly reduced by penalties imposed by your current lender

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

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

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

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

At Just we can complete a full analysis of the market using the most up to date information available

Set your price range and when you would ideally wish to move