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Base Rate Tracker Mortgages

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

Cashing in the plans early may result in financial penalties

Often it may require obtaining quotations for any remedial work required to form the basis of any negotiation on price

This mainly occurs in a sellers market or where the property is of rare value

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

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

Generally, secured loans are much easier to obtain than unsecured loans

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

The way lenders quote interest rates varies

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

This is covered above

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

The increased flexibility inherent within the repayment vehicle can lead to shortfalls in relation to the amounts required owing to withdrawals having been made

The market conditions are in your favour (see details above)

Be precise when filling out the registration forms

Equally, you may consider whether the most suitable mortgage vehicle for the future would be a repayment or interest only mortgage (see our Guide to your Mortgage Repayment Options) and this may be related to the prospect of remaining in the same house for the remaining term of your mortgage

All lenders will insist on buildings insurance as the very minimum

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes