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The valuation does not represent a detailed inspection

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Lenders have an array of different criterion on which they will base the maximum LTV and at Just we will be able to provide you with advice regarding different lenders attitudes in this area

Endowments provide life assurance so that in the event of death the mortgage is paid off

Free Valuation or Refund of Valuation A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes

Note, the fee is usually non-refundable

A previous buyer will only be too happy to get some of the survey costs back

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

Commonly these will be between 3 and 3

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The offer includes the purchase price, date of entry, alterations and specialist works together with any inclusions such as carpets and curtains etc

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

the mortgage balance minus the positive balance held in the current account

Each year the original capital sum will remain outstanding

Booking fees are often non-refundable, so if the mortgage applicant cancels the mortgage application before completion the fee will not be reimbursed

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.