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APR may vary

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

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All mortgage lenders require a survey, some more thorough and detailed than others

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

Each case should be taken on its own merits

Home working equipment cover

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

It is worth noting that the shorter you make the administrative process, the more organised you will need to be

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

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

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

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

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

An investor may only hold one of each Mini in any tax year

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

Requests your deposit

Demand for housing is higher than the property available

UK Pensions Advice

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to