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The capital amount is to be repaid at the end of the period agreed

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

At this point a survey will need to be arranged so that a firm and informed offer may be made

Depending on the amount of loan and the LTV the Mortgage Indemnity Guarantee charge can be a significant cost e

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Garden Cover - While most buildings insurance provide cover for patios, paths and driveways

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

the rates for telephone applications may be different from those for online applications

Exposure to interest rate rises

The seller is legally required to answer these enquiries honestly! But do they? We believe not always

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

If the variable rate rose to say, 6%, then the rate payable would rise to 4

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