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Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

The law on moveables is quite complex

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

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

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

Assessments are generally made very quickly based on your personal circumstances

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

A Guide to Unsecured Personal Loans Unsecured personal loans are offered by lending institutions such as banks and building societies

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

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Know which location/s you prefer

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

Be prepared

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

The initial pay rate would therefore be 3

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

It provides no benefit to you, it is for the lenders protection only

Frequently they can be added to the mortgage hence the fee does not become an ‘out of pocket’ expense