@PBS / SECURE LOGINThis is required if you take out an interest-only mortgage, this is the means by which you’re intending to pay off your mortgage at the end of the term – for example, another property, or a stocks and shares portfolio.
You pay off the mortgage interest and part of the capital of your loan each month. Unless you miss any repayments, you are guaranteed to have paid off the mortgage by the end of the term.
When you change your mortgage without moving house. You can do this to save money, to change to a different type of mortgage or to release equity from your home.
For insurance purposes: the cost of rebuilding your home if it is destroyed.
The fee payable to obtain a particular product. Where fees are chargeable on any mortgage product, this will be clearly stated on any promotional items and the Key Facts Illustration. In some circumstances, this fee can be added to the loan, however, if you chose to do this you will pay interest on the sum […]
The term used to describe transferring your current mortgage rate from one property to another when you sell your property and buy another. This is subject to terms and conditions.
A portable mortgage allows you to transfer your borrowing from one property to another if you move, without paying arrangement fees.
An offset mortgage links your mortgage with your savings and, sometimes, your current account. Your credit balances are offset against your mortgage debt so you only pay interest on the difference, while also paying off the capital.
“A New Build Property is defined as: a building that has been built in the last 12 months which includes property bought directly from a builder or developer a property that has yet to be occupied for the first time and/or a property that is yet to be occupied in its current form, for example […]
When the value of your home falls to a level that is below the amount remaining on your mortgage.