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Arrangement fees are common on fixed and capped rate mortgages

Each year the original capital sum will remain outstanding

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.

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

Another form of insurance is Mortgage Indemnity Guarantee

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

This information is likely to have been given to the seller and will form part of there judgement of your offer

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term

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

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

Receives mortgage offer and deals with all the conditions on your behalf

If you want to continue, find out if the previous buyer had completed the searches or any survey

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

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

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

Most agents are pretty determined in their approach and will be interested in selling you more than a property

Outline information is available free of charge, by entering a postcode

Ask how long has the property been on the market and if there has been a price reduction