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If significant defects are identified, the surveyor may suggest further investigation by an specialist

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.

The typical rate is a rate that is offered to over 50% of successful applicants, and the exact rate offered to you will depend on your personal circumstances, the amount and term of the loan along with the credit assessment procedures

The period of borrowing is in excess of say 12 years

They are not secured against property or other assets

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

All mortgage lenders require a survey, some more thorough and detailed than others

Investment managers may only be changed on an annual basis

Buyers Market

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

A booking fee is paid to reserve funds on a mortgage product that has limited funds available e

The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur

However, try to include as much as possible in the negotiations

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

There is a wide range of contents insurance options and packages on the market

Title searches at the Land Registry will also be carried out

This will depend on future investment performance

5 times a single salary and 2

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

Life assurance cover is not always necessary in taking out this type of mortgage

Each year the original capital sum will remain outstanding

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

Flexible Mortgages

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

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

Advice on Affording a Mortgage

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

Interest only

A removal firm will normally supply a quote over the phone, based on the location your moving from and to