Alliance & Leicester Mortgage Loans FAQ -2

Continuing further from the part 1 of the Alliance & Leicester Mortgage Loans FAQ, following is the remaining set of questions

Q. Are there any age restrictions on making an application?

A. To apply for a mortgage with Alliance & Leicester you must be at least 18 years of age. If your income is needed to support the loan, you should be aged no more than 75 at the end of your mortgage term. For example, if you are taking a mortgage over a 25 year term, the oldest you should be is 50 years old.
Q. How do I repay Capital with an Interest Only Mortgage?

A. An interest only mortgage is where you only repay the interest on your mortgage debt each month. Alongside this you will need to put money into a separate investment vehicle which is designed to grow sufficiently to pay off your loan when your mortgage comes to an end. You are responsible for the repayment of the capital when the mortgage reaches the end of its term. You may want to seek professional advice on the investment vehicle.

Any capital repayments you make during the term of your mortgage are subject to the terms and conditions of your mortgage product and there may be an Early Repayment Charge.
Q. Can I borrow money to buy a property abroad?

A. Alliance & Leicester will lend on properties situated in England, Wales, Scotland and Northern Ireland only.
Q. Can I have a ‘buy-to-let’ mortgage with Alliance & Leicester?

A. Alliance & Leicester does not arrange mortgages for buy to let or commercial properties.
Q. Does Alliance & Leicester offer a conveyancing referral service?

A. Alliance & Leicester offer a conveyancing referral service which is managed and provided by Golds Panel Management. Golds can refer you to an approved solicitors' firm quickly and easily and give you an idea of the likely costs involved straightaway. Q. What is a HIP (Home Information Pack) and what does it contain? A. From 10 September 2007, the law will require all homes with three or more bedrooms, put on the market in England & Wales to have a Home Information Pack. The HIP is a set of documents providing important information about a property, such as its energy efficiency and other information to help the home buying and selling process. For more information visit Home Information Packs (Link to http://www.homeinformationpacks.gov.uk).

Link to previous articles: Alliance & Leicester Mortgage Loans FAQ-1 Alliance Leicester Mortgage Jargon Buster Alliance Leicester Lifetime Base Rate Tracker Alliance Leicester 2 Year Base Rate Tracker Mortgage Plan Alliance Leicester 2 Year Base Rate Tracker Mortgage Plan Alliance Leicester 2 Year Fixed Mortgage Plan