Introduced by the UK Government, CAT (Cost, Access and Terms) Standard mortgages will have no separate charge for mortgage indemnity guarantee (MIG) insurance, which is occasionally charged on larger loans, and interest will be calculated daily. All other potential fees and costs must be mentioned before the mortgage is taken out so that you know exactly what it might cost you.
Other guarantees are:
Portable when you stay with the same lender.
Borrowers in arrears equivalent to up to three months repayments will pay standard interest charges only on the outstanding debt.
Choice of which day of the month to make regular payments.
Early Redemption charges on fixed or capped-rate mortgages at a maximum of 1% of the loan for each remaining year of the fixed or capped period and reduce each month.
Early repayments allowed. No tie-in periods and six months notice of any change from the CAT standard terms.
Maximum variable interest rate no higher than 2% above base rate and no redemption fee. No early redemption charge once the fixed or capped-rate offer period has finished.
On an Equity Release plan that includes a drawdown facility, the maximum total loan available is agreed by the lender. You then take a part of the loan as an initial lump sum and have a cash facility to withdraw amounts as and when you need them.
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