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A recommendation of the building/rebuild insurance cover required should also be given

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

When registration is complete, the title deed to your lender for safekeeping

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

Listing all the contacts involved in the move

Flexible Mortgages

The amount provided by the investment product cannot normally be guaranteed

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

This is a fantastic time saver

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

In England and Wales a survey is normally made after the offer has been accept subject to contract

Subject to your circumstances, you may be able to borrow up to 125% of the property value

This search can take between four and six weeks although many councils process searches in two weeks

It is a basic inspection undertaken by a valuer on behalf of the lender for the purpose of determine whether a property is a sound investment on their behalf

However should rates decrease the borrower will benefit from lower payments

This had much to do with the amount of properties being repossessed at the time

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

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

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

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

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.

Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

Upon making an offer via the agent or directly to the seller, the experienced seller is likely to take into account several factors over and (in many cases) above the offer price itself

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings