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Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

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.

Garden Cover - While most buildings insurance provide cover for patios, paths and driveways

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

Advice on Affording a Mortgage

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

Customers cashing-in an endowment policy in the first few years after inception can receive less than the amount invested

Capped Rate Mortgage

Listed below are examples of some of the best deals around

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

If you want to continue, find out if the previous buyer had completed the searches or any survey

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

Ask why the current owners are selling the property

This is covered above

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

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

A booking fee is paid to reserve funds on a mortgage product that has limited funds available e