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How long does your present fixed, discounted or capped rate last for

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

Discounted Rate Mortgage

Buildings survey Also known as a structural survey

What other costs are involved in any remortgage scheme? What solicitors fees are incurred, valuation costs and set up fees? Once all this information is available you will be in a position to make an informed decision on how you might wish to proceed

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

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

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

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

This may have the effect of reducing the length of time it takes to repay your mortgage

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

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

Find out what else is included in the sale

Borrowers with new loans only get the interest paid after waiting for nine months

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

Investment managers may only be changed on an annual basis

A survey carried out by the mortgage lender should indicate what sum to insure

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled