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Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

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

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

First time buyers looking for security during the first few years of setting up home

It can be done, but much depends on the lender

Liaises with relevant parties and negotiates a date for completion

c) A combination of the above

This is not an obligation to purchase the property

They will also find that the mortgages they can get will be at a higher interest rate

The rate will also provide a buffer against increases in the interest rates

Switching between provider can only be completed on an annual basis and penalties may be incurred

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

It is important to note that this is not an official search

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

If negotiation is required, these offers and counter offers are known as missives

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

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

Disadvantages: The final value of the policy may not be entirely sufficient to repay your mortgage or the monthly premium may have to be increased later on in the term of the mortgage to compensate for poor returns

Larger borrowings

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

There are limits applied to all contributions

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

A system of feudal tenure exists in Scotland, under which the seller has the power to impose permanent restrictions on the future use and development of the property and land

Buyers Market

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

There are some important facts to understand about the mortgage indemnity charge

The valuation does not represent a detailed inspection

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled