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This is referred to as a ‘redemption overhang’

Repayment Mortgages UK

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

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

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

If you are mortgaging the purchase of your property then the lender will make it a condition that you take out their Mortgage Indemnity Insurance

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

A separate life policy will be required in most cases

Ensure that you know how the settlement figure is made up

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Alternatively the title deeds will be sent to the mortgage lender in the case of raising finance for the purchase

It simply informs the seller of your interest

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

You may also speak to the seller directly

Gain an advantage view point of the roof - Does it bow or are there any tiles missing? Are there signs of any glass being recently replaced or damage to external doors? Possibly indicating signs of break-in

Compare life insurance quotes instantly through our independent systems

Prior to making the decision to remortgage it is important to establish a number of basic facts or the benefit of your remortgage may be significantly reduced by penalties imposed by your current lender

coal mining search to check for subsidence; check to see if there are some planned major road developments going through the back garden etc

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

Location : Normally an agent will ask for a number of areas Do you need finance? If not how are you financing the purchase? Is it dependant on selling a property? If you have registered with an agent and your not getting any details

This means that a mortgage with, for example, a discount to 31st January 2006 will have a redemption charge to either the same date or a date prior to this

The seasoned mover is likely to have learnt from past experiences to exactly that