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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

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Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

If you have a mortgage, the lender will insist that you take out this type of policy

4% off for 1 year

Flexible mortgage Cashback Fixed Discounted Capped

Be prepared

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

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

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

As a result a lender may restrict the amount they are prepared to advance or place conditions on the advance

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

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

You only get this if you qualify for income support

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

Listing all the contacts involved in the move

Another form of insurance is Mortgage Indemnity Guarantee

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

However should rates decrease the borrower will benefit from lower payments

Setting the completion date The standard time between exchange of contracts and completion is four weeks

Before the exchange of contracts, you will have to agree on a date for completion of purchase

Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

Understandably this is due to protecting their investment

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to

29% 2 year fixed fee free, no extended ties

This will depend on future investment performance

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

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