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Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

If a redemption fee does apply, all is not lost

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

If so, be bold and ask to see them

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

Life assurance cover is not always necessary in taking out this type of mortgage

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

Be precise when filling out the registration forms

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

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

Free Valuation or Refund of Valuation A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes

They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

In summary you will find numerous different methods of calculating the maximum LTV but the figure once stated is usually non-negotiable

It is normal for lenders to charge up-front fees in the form of booking and/or arrangement fees

Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

At least you then have the information regarding how the seller would rather proceed

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

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

This policy is designed to offer income protection against unemployment, sickness and redundancy

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

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule