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The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

Charges can be significant

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

Avoidance of early redemption penalties

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

This is covered above

12 weeks to go Try starting a notebook to record details

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

Understandably this is due to protecting their investment

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

There is potential for higher returns than endowments

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.

Your mortgage lender will insist on a property survey before approving your mortgage

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

The key advantage is that you should be able to track the process of the purchase online

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

Specific questions which may cover issues such as disputes with neighbours, alterations to the property, etc

The process of registration is usually conducted via a solicitor

Upon making an offer via the agent or directly to the seller, the experienced seller is likely to take into account several factors over and (in many cases) above the offer price itself

The definition of income may also change from one mortgage provider to the next

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

Why indexed linked? - As time goes by, the rebuild and repair costs of any property damage are likely to increase, thus if the sum insured does not rise in relation to these, you will end up being under insured

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

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

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