Have You Got The Mortgage Factor

Ben done it, we think there have now been five different Ben Mitchell's, are we wrong ?

With a capped rate mortgage you take advantage of interest rates falling but with the security the rate will not go above a certain level. hence the term cap.

Lenders now have a responsibility to ensure after expenditure you have enough disposable income to afford your loan.

All of these reasons are sometimes used to remortgage but obtaining a better interest rate is the most common.

Once you have exchanged contracts a date or time is set for completing your purchase.

Annual percentage rate (APR) describes the interest rate for the whole year, showing the full cost of borrowing.

Not all brokers or estate agents use the whole of the market to find deals, this is why it is important you use companies who are independent.

Mortgage valuations are carried out by the lenders surveyor to ensure property is safe to lend on, other more detailed reports are available for your benefit, you would need to pay a higher fee for these.

Its the borrowers responsibility and most lenders now require sight of a repayment vehicle if you take out an interest only mortgage.

All lenders vary, but it is possible to get a one year term from certain lenders.