buy to let, uk mortgage

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Individuals utilising short-term finance arrangements to provide their deposit

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

Ability to benefit from rate cuts as they occur

This can be of great advantage in determining outline information before you go to the time and expense of having a survey and local searches made

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

Lenders charge interest on the amount you borrow, which is referred to as the Annual Percentage Rate (APR)

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

If asked, the seller will let you know how they would like to proceed

5% on a normal lending limit of 75% loan to value

If the property was purchased outright, the buyer keeps the deeds

In the longer term, with flexible mortgage rates, you should see the reduction of the amount owing occurring more quickly than a standard mortgage

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

Normally a lender will require a non-refundable booking fee in advance to reserve this option

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

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

Receive replies to questions raised and reports to you with the contract for signing

Current Account Mortgage

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

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

Sewers and drainage

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

See below for more information about these features

If you are considering protecting your repayments in the event of accident, sickness, unemployment or death, why not browse our Income Protection finder