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Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

Plus the number of rooms in your existing home

the mortgage balance minus the positive balance held in the current account

All mortgage lenders require an official search to be carried out

Remember, it is your responsibility to get the correct sum insured

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

Payment is either up front, or added to the overall loan

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

In such circumstances the borrower will be facing a significant increase in their monthly mortgage payment at the end of the discount benefit period

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

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

ARLA - The The Association of Residential Letting Agents (ARLA) is a self-regulating body, which is solely concerned with lettings. In the event of unresolved disputes, the ARLA offers arbitration for landlords and tenants who use ARLA member firms. more info: http://www.arla.co.uk Arrangement Fee Sometime referred to as an Application Fee. The fee is an amount of moneylenders charge for arranging a mortgage. It may include administration costs and normally varies from one particular mortgage product to another.

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

4 weeks to go Arrange buildings insurance for your new home to commence on exchange of contracts. Check that your home contents are adequately insured (transit insurance) during the move. Start to use up food from your freezer. Contact the telephone company to organise reconnection or installation of a line. Book time off work. Make special arrangements for pets and remember that they often find moving home stressful!

Check this out with your solicitor or lender

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Suitability: A variable rate mortgage is the most suitable option in a limited number of circumstances the most common being those identified below: Individuals borrowing money over the very short term anticipating repaying the loan early and not wishing to incur redemption penalties on all or part of the loan

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

They provide a detailed analysis of your financial position

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Discounted Rate Mortgage

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

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 key advantage is that you should be able to track the process of the purchase online

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

damp and timber reports, planning consents for alterations and extensions

If so, be bold and ask to see them