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There has been a previous price reduction on the property

Repayment Mortgages UK

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

This may be an expensive choice, as in the vast majority of cases Just are able to significantly reduce your mortgage rate, although it is of course imperative to consider the potential cost of any redemption penalties on your existing mortgage

See FAQs for more details

This is not an obligation to purchase the property

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

If you are unsure, talk to local estate agents and solicitors

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

This may reveal other factors that will not appear on any formal search

Either party is liable for legal action in breach of contract

Ask about the reason for the sale

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

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

In many cases, lenders offer different rates depending on the method by which you apply

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

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

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

It is still possible to have up-front charges for discounted products and an Early Redemption Charge is common

Switching between provider can only be completed on an annual basis and penalties may be incurred

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

Including gas and electric suppliers and insurance companies etc

It will cover problems such as collapse or serious distortion of floor joists or the roof

This will depend on future investment performance

A Guide to Unsecured Personal Loans Unsecured personal loans are offered by lending institutions such as banks and building societies

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

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage