mortgage protection, uk mortgages

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For example, the variable rate may be 5% with a discount of 1

They are more expensive than the lenders valuation

Indeed with enough credit you can take a payment holiday

5%

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

A previous buyer will only be too happy to get some of the costs back

It is common practice for lenders to pass this charge on to the borrower

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

Lenders will also use credit reference agencies to obtain information about you

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

At anytime of the day or night

They are not secured against property or other assets

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria