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Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

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

The following planner will help focus on what needs be done and when

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

Before making an advance, your mortgage lender will require a valuation report as a minimum

Save £s on your buildings and home contents insurance

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

Some plans are tax-efficient

The amount borrowed is subject to an interest charge, which will be quoted as a percentage

Another form of insurance is Mortgage Indemnity Guarantee

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

It provides no benefit to you, it is for the lenders protection only

This is an excellent option for the self employed

Either party is liable for legal action in breach of contract

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

Buyers Market

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.

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest