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Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

However should rates decrease the borrower will benefit from lower payments

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

With this type of mortgage, interest may be calculated on a daily or weekly basis

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

For a borrower wanting one home for their finances this is an attractive option

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

Other factors may well be involved

This may be an expensive choice, as in the vast majority of cases Just are able to significantly reduce your mortgage rate, although it is of course imperative to consider the potential cost of any redemption penalties on your existing mortgage

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

A separate life policy will be required in most cases

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

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

All lenders base their mortgage range around their variable rate of interest

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

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

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

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

Either party is liable for legal action in breach of contract

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

Suitability: A variable rate mortgage is the most suitable option in a limited number of circumstances the most common being those identified below: Individuals borrowing money over the very short term anticipating repaying the loan early and not wishing to incur redemption penalties on all or part of the loan

More detailed reports are also available for a small fee

Current Account Mortgage (CAM)

Initial property enquiries This is where much time involved in selling and buying is wasted

Compare the property with surrounding properties

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.