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On this subject see ‘No Redemption’ and ‘No Overhang’ below

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

The skilled agent will ask a series of questions that determine how serious you are, what properties will be of interest, what else they can sell to you and how quickly they can do it

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Know which location/s you prefer

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

Irrespective of movements in the interest rate your monthly payments will not change

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

Advice on Affording a Mortgage

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

Cashing in the plans early may result in financial penalties

Another form of insurance is Mortgage Indemnity Guarantee

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

These bonuses termed either annual or reversionary cannot be taken away

Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

This is called a collar

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

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

Before making an advance, your mortgage lender will require a valuation report as a minimum

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

Negotiating face to face can be a very effective tactic