Capital and Interest

Another name for capital repayment

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CAT Mortgage (Charges Access Terms)

This is a mortgage that complies with specific guidelines laid down by the Labour government in April 2000 for people who wanted to set out basic and transparent conditions for all mortgage products, particularly in terms of the charges applied, the flexibility of the mortgage, and the terms applicable to it. The aim is to make mortgages more straightforward and

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Commercial Mortgages

This is a mortgage used by businesses for the purpose of buying their own business premises, or for financing for investment purposes. A commercial mortgage is used to buy business premises, such as a shop, factory, offices or industrial premises.  

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Interest Charges

These are the charges made on a loan, calculated as a percentage of the total amount that you borrowed on your mortgage.

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Interest Only

There are two types of mortgage, interest only or capital repayment. With an interest only mortgage, the balance of your mortgage stays the same throughout the mortgage term. Interest and, if taken, the cost of a suitable investment vehicle are paid monthly. At the end of the term, the proceeds from the investment vehicle are intended to repay the mortgage.

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Legal Fees

These are the fees charged by a solicitor or other qualified individual to carry out the legal work associated with buying a property.

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Mortgages

This is the term used for the type of loan used to buy a property.

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Pension Plan Mortgages

This is a type of interest only mortgage where the loan is designed to be repaid by a lump sum from a pension plan on retirement. If you have a personal pension, you can link your mortgage loan to a pension plan. At the end of the mortgage term, part of the tax-free proceeds (the tax free lump sum) of

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Right to Buy Mortgages

These are mortgages specifically tailored for public sector tenants who qualify to buy their home under the Government’s Right-to-Buy scheme. You may be eligible to qualify to buy your council home if you are a secure tenant of either; a London Borough council, a district council, a non-charitable housing association, or a housing action trust. Discounted rates are usually offered

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Searches

These are the enquiries made, usually by your solicitor, at the Land Registry, the Land Charges Register and Local Authorities to ensure there is nothing to cause concern about title to the land and the property you intend to buy.

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