<p style="margin-bottom: 0cm;"><a href="http://www.noss123.com/">http://www.noss123.com/</a></p>
<br><p>To make matters more confusing these rates are often combined: For
example, 4.5% 2 year fixed then a 3 year tracker at BoE rate plus 0.89%.</p>
<p>With each incentive the lender may be offering a rate at less than
the market cost of the borrowing. Therefore, they typically impose a
penalty if the borrower repays the loan; this used to be called a <i>redemption penalty</i> or <i>tie-in</i>, however since the onset of Financial Services Authority regulation they are referred to as an <b>early repayment charge
</b>.</p>
<p><a name="Self_Cert_Mortgage" id="Self_Cert_Mortgage"></a><span class="editsection"></span><span class="mw-headline">Self Cert Mortgage</span></p>
<p>Mortgage lenders usually use salaries declared on wage slips to work
out a borrower's annual income and will usually lend up to a fixed
multiple of the borrower's annual income. Self Certification Mortgages,
informally known as "self cert" mortgages, are available to employed
and self employed people who have a deposit to buy a house but lack the
sufficient documentation to prove their income.</p>
<p>This type of mortgage can be beneficial to people whose income comes
from multiple sources, whose salary consists largely or exclusively of
commissions or bonuses, or whose accounts may not show a true
reflection of their earnings. Self cert mortgages have two
disadvantages: the interest rates charged are usually higher than for
normal mortgages and the loan to value ratio is usually lower.</p>
<p><a name="100.25_Mortgages"></a><span class="editsection"></span> <span class="mw-headline">100% Mortgages</span></p>
<p>Normally when a bank lends a customer money they want to protect
their money as much as possible, they do this by asking the borrower to
pay a certain percentage of the loan in the form of a deposit.</p>
<p>100% mortgages are mortgages that require no deposit (100% loan to
value). These are sometimes offered to first time buyers, but almost
always carry a higher interest rate on the loan.</p>
<p><a name="UK_mortgage_process" id="UK_mortgage_process"></a><span class="editsection"></span><span class="mw-headline">UK mortgage process</span></p>
<p>UK lenders usually charge a <span class="new">valuation fee</span>, which pays for a <span class="new">chartered surveyor</span>
to visit the property and ensure it is worth enough to cover the
mortgage amount. This is not a full survey so it may not identify all
the defects that a house buyer needs to know about. Also, it does not
usually form a contract
between the surveyor and the buyer, so the buyer has no right to sue if
the survey fails to detect a major problem. For an extra fee, the
surveyor can usually carry out a building survey or a (cheaper)
"homebuyers survey" at the same time. <sup id="_ref-0" class="reference">[1]</sup></p><br>