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Individuals on tight budgets expecting wage increases over the first few years of the mortgage

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

The money is then paid back to the Lender over a fixed period of time together with accrued interest

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

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

At the end of the policy term there will be a final one off bonus called the terminal bonus which may in some instances represent a large proportion of the borrowers final pay out

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

The valuation does not represent a detailed inspection

a 3 year fixed rate with a 5 year ERC

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

This mainly occurs in a sellers market or where the property is of rare value