first time buyer, tenant loans uk

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Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

First time buyers looking for security during the first few years of setting up home

This will depend on future investment performance

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

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

The cost of this is therefore to be taken into account when selecting a lender

This may cover issues such as disputes with neighbours

the mortgage has to be held for a number of years before the lender breaks into profit

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

This means that all bank rates cuts are automatically passed on to the borrower

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

The offer includes the purchase price, date of entry, alterations and specialist works together with any inclusions such as carpets and curtains etc

Free Valuation or Refund of Valuation A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

The redemption fee payable is often up to six times the currently monthly repayments

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

Your lender agrees a set rate of interest for a specified period of time

Variable Rate Mortgage

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Poor Credit & Loan Advice

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