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This also means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit can take out a loan

Suitability: A variable rate mortgage is the most suitable option in a limited number of circumstances the most common being those identified below: Individuals borrowing money over the very short term anticipating repaying the loan early and not wishing to incur redemption penalties on all or part of the loan

The typical cost is £50 to £100 and the search is conducted by a solicitor

you as a loyal customer with a new loan

So make sure you get the facts

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

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

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It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

Valuations and mortgage reports Note, a valuation is not a survey

If asked, the seller will let you know how they would like to proceed

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 sites are also offering information about local schools, crime rates, and average property prices

At this point a survey will need to be arranged so that a firm and informed offer may be made

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

Your local agent can give you a good idea here

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

Ask the owner or agent why the sale collapsed

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

Each year the amount owed will decline

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

This is the rate that they apply to all their borrowers before making adjustments for any special offers that may be available at the time and should be examined in every case before making the final decision regarding the choice of lender

The seller needs to move fast

Exposure to interest rate rises

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