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Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

Self Certification Mortgages

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

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

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

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

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.

The key advantage is that you should be able to track the process of the purchase online

In many cases, lenders offer different rates depending on the method by which you apply

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

A previous buyer will only be too happy to get some of the costs back

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

Another form of insurance is Mortgage Indemnity Guarantee

The amounts can range from a flat fee e