Making Finance Simple
Mortgage is capped at a set rate and will not rise above this rate for the term of the deal. It may go down, but it will not go up
Moves in line with the Bank of England base rate plus a few percent, usually a short term 2 to 5 years.
A Discounted rate, off the lenders Standard Variable Rate (SVR) usually a short term 2 to 3 years.
Pay the same rate for the duration of the deal, no matter what happens to the interest rate.
Interest rate can change at any time.
Paying the interest part of your mortgage only. The capital will need to be settled at the end of the mortgage term.
Capital and Interest paid over the term of the mortgage.
Duration of the mortgage or loan.
Percentage of purchase price paid to a solicitor who will make the payment to the Government.
Inspection of the property prior to exchange of contracts.
Legal teams exchange signed contracts, buyer pays a deposit which is non-returnable.
Legal team release the funds and make the keys available; seller moves out and buyer moves in.
Sum agreed as deposit when contracts are exchanged.
Fees due at end of mortgage or loan to leave the agreement early
Confirmation from the lender, of the amount of money they will lend to you.