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You only get this if you qualify for income support

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

The opportunity to take payment holidays without incurring large penalties

Some short term discount products offer a ‘deep discount’ e

For more information please see:: Dealing with adverse valuations Recently built homes Most new houses have a National House Building Council (NHBC) Certificate

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account

You do not mind taking some degree of financial risk

The costs will be greater for house purchase than for remortgage

Payment is either up front, or added to the overall loan

Ask why the current owners are selling the property

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

The potential for your rate to reduce unlike the fixed rate mortgage

Check it out and see how the neighbourhood is rated

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

Ask about the sellers position

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

A single payment is made to your lender each month covering both the interest charged on the loan as well as the repayment of the outstanding capital

It acts as a form of insurance for the lender not the borrower

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term