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Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Poor Credit & Loan Advice

Negotiation with a lender is possible

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

Ask about the reason for the sale

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

The definition of income may also change from one mortgage provider to the next

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

Flexible Mortgages

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

They are also useful for larger amounts or where the applicant requires a longer repayment period

At Just we can complete a full analysis of the market using the most up to date information available

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

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

If the variable rate rose to say, 6%, then the rate payable would rise to 4

5 to 3 times joint income

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

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

First and most important: If you have a property to sell, obligation a free appraisal from more than one estate agent

They are more expensive than the lenders valuation

Check the plumbing and wiring

The opportunity to take payment holidays without incurring large penalties