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Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

However, in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

Offers are invited above the stated price

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

They are not secured against property or other assets

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

Borrowers confident that the mortgage rate is likely to fall

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Capped Rate Mortgage

Check it out and see how the neighbourhood is rated

When viewing a property ask the question and try to establish a rapport with the seller

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Buyers should check carefully any property they wish to buy for such restrictions

Most lenders and insurance companies offer a combined Buildings and Contents Policy

We are completely independent and have access to every lender and product on the market

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

Why indexed linked? - As time goes by, the rebuild and repair costs of any property damage are likely to increase, thus if the sum insured does not rise in relation to these, you will end up being under insured

The capital amount is to be repaid at the end of the period agreed

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

All lenders will insist on Buildings Insurance as the very minimum

Not only will an estate agent take you more seriously, but the seller will feel more comfortable and have more confidence that you are not time wasting

With Profits – here the monthly premiums are pooled with other investors