first time buyer, bank loan uk

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Switching between provider can only be completed on an annual basis and penalties may be incurred

You are not looking for a guarantee of repayment at the end of the mortgage term

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

Specific questions which may cover issues such as disputes with neighbours, alterations to the property, etc

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Sewers and drainage

Surveys come in three forms: Valuations, usually undertaken by the lender

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

Be aware that valuations are just that - they are not a full structural survey

A recommendation of the building/rebuild insurance cover required should also be given

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

5%

It can be done, but much depends on the lender