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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

Self Certification Mortgages

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

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

It occurs when the seller accepts a higher offer from another buyer after already having accepted yours

Unfortunately not all estate agents are ethical in this area

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

It is worth noting that the shorter you make the administrative process, the more organised you will need to be

It is common practice for lenders to pass this charge on to the borrower

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

You only get this if you qualify for income support

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

However, most vendors are reluctant to take the hit on the full amount

You can choose cover according to your needs