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Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

The amount is usually measured in either pounds or months

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

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

Variable Rate Mortgage

Preliminary Observations Ask about the cost of council tax and utilities with the seller

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

These are more detailed than a lender valuation but they produced on behalf of the applicant

A Guide to Secured Home-Owner Loans A secured loan is any loan that requires the borrower to provide the lender with some form of security

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

For example, setting the price range on your next home

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill