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Advantages: Monthly payments can adapt to the level of monthly income you receive

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

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

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

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

Borrowers confident that the mortgage rate is likely to fall

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

For example, setting the price range on your next home

Once the ruling has taken place it will be recorded against the persons credit history and will appear every time a credit search is done for the next seven years

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

Proceedings relating to any infringement of building regulations

Your lender agrees a set rate of interest for a specified period of time

A booking fee will normally be required with the application form

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

Before making an advance, your mortgage lender will require a valuation report as a minimum

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

The lender can give you a settlement figure, normally over the phone

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end