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Proceedings relating to any infringement of building regulations

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

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

It is worth noting that the average property purchase price in the UK has now hit over £100,000

Although both may vary, a deposit of between 5% and 10% is common, as is completion 28 days after exchange

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

Initial property enquiries This is where much time involved in selling and buying is wasted

They are more expensive than the lenders valuation

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

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

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

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

Until the seller receives these funds, the buyer may not normally have access to the property

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

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

This search can take between four and six weeks although many councils process searches in two weeks

Most recent mortgage statement or a redemption statement from your lender

The value of these holdings will alter on a daily basis and can go down as well as up