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Suitability: The flexible mortgage option is suitable in a number of circumstances the most common being those identified below: Self employed or contract workers

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

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

Poor Credit history can include County Court Judgements(CCJ), Bankruptcy, Mortgage arrears or any late payments on credit arrangements

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

The lender can give you a settlement figure, normally over the phone

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YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

If remedial work is required ask the owner if they have had any quotes

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

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Set your price range and when you would ideally wish to move

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges

6 months interest or repayment of the amount of benefit received, be it cashback or reduced interest

Note, the fee is usually non-refundable

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

The initial pay rate would therefore be 3

All lenders will insist on Buildings Insurance as the very minimum

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

Borrowers confident that the mortgage rate is likely to fall

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

If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost £thousands (6 months interest is common) depending on the lender and scheme

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

This is widely accepted as the most straightforward of the mortgage options

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

This can save hours of waiting on the phone trying to get to speak to your conveyancer

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy