self certification, uk home loan

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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

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

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

Put the owner on the spot and see what reaction you get

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

It is worth noting that the average property purchase price in the UK has now hit over £100,000

With discount mortgages borrowers need to watch out for ‘payment shock’

Especially considering that they had gone to the expense of paying for a building survey

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

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

APR may vary

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

See below for a quick guide to secured loans

In many cases if approached sensibly, a happy medium can be reached

All lenders base their mortgage range around their variable rate of interest

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

Compare the property with surrounding properties

Find out what else is included in the sale

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

Arriving at the property Before knocking, take a few moments to observe your first impressions

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

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

Get advice on all types of loans, compare rates, or apply for a loan online

Current Account Mortgage (CAM)

See FAQs for more details

Mortgage lenders require that neither the buyer nor the seller have a bankruptcy notice registered against them

Some sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments