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This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

APR may vary

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

Much depends on the agent, the seller and your confidence in your negotiation skills

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

Proposed road works within 200 meters of the property

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

There is a wide range of contents insurance options and packages on the market

The redemption fee payable is often up to six times you currently monthly repayments

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

At least you then have the information regarding how the seller would rather proceed

With this type of mortgage, interest may be calculated on a daily or weekly basis

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

UK Pensions Advice

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

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.

Any changes in the Bank of England base rate will be directly reflected in the monthly mortgage payments

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