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Payment holidays are permitted

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

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Buildings survey Also known as a structural survey

The first of these relates to the current market value of the property to which the mortgage relates

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As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

Exposure to interest rates

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

You are then free to move into your new home

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

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

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

Borrowers who anticipate rising interest rates

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

damp and timber reports, planning consents for alterations and extensions

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

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

Subject to your circumstances, you may be able to borrow up to 125% of the property value

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

This may mean that you require a scheme which permits lumps sum payments to reduce the mortgage or may be seeking to combine both your current account and mortgage borrowings in the same financial product

Written quotations are available on request

This also means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit can take out a loan

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