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Home Personal Finance Mortgages Getting a Fair Deal On a Mortgage
Monday, 13 October 2008
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Getting a Fair Deal On a Mortgage
1. How much can I afford to borrow?
2. How can I tell which mortgage rate is best for me?
3. What is the best type of mortgage for me?
4. How should I repay it?
5. Can I make lump sum payments to reduce the size of the loan?
6. Are there any redemption penalties?
7. Does this mortgage come with compulsory insurance?
8. What other charges will I have to pay?
9. What happens if I can't pay?
10. What about the small print?
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Getting a Fair Deal on a Mortgage

7. Does this mortgage come with compulsory insurance?

  • To get the deal you are offering me, do I have to buy insurance from you?
    • what will it cost me?
  • If the insurance is not compulsory, can I arrange it (or the endowment, ISA or pension) with another company?
    • If so, will I have to pay anything to you?
    • How much will you charge me?

This may include insurance for the building and its contents. If it does compare what the lender is going to charge you with quotes from another insurance company. The cost of compulsory insurance can be more than you would save from a lower than usual interest rate.



 
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