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You are not looking for a guarantee of repayment at the end of the mortgage term

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

This is an excellent option for the self employed

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

This may result in the property having to be sold to repay the debt owed

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

When registering, be aware that you a likely to receive information on other services or products

A system of feudal tenure exists in Scotland, under which the seller has the power to impose permanent restrictions on the future use and development of the property and land

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental property¹s mortgage repayments (interest only)

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

g Loans for holidays may be restricted to a 12 or 24 month term)

The typical cost is £50 to £100 and the search is conducted by a solicitor

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

If negotiation is required, these offers and counter offers are known as missives

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk