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In the longer term, with flexible mortgage rates, you should see the reduction of the amount owing occurring more quickly than a standard mortgage

If you are mortgaging the purchase of your property then the lender will make it a condition that you take out their Mortgage Indemnity Insurance

Variable Rate Mortgage

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

Be precise when filling out the registration forms

If you have any doubts check with the lender

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Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

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

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

They will also find that the mortgages they can get will be at a higher interest rate

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

Check this out with your solicitor or lender

Endowments provide life assurance so that in the event of death the mortgage is paid off

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

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

Upon making an offer via the agent or directly to the seller, the experienced seller is likely to take into account several factors over and (in many cases) above the offer price itself

There are many reasons why a seller may want a quick sale