business loan, home mortgage

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Sewers and drainage

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

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

Plan and think ahead

You will be kept up-to-date on the progress of your application by e-mail

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Interest only

Your lender agrees a set rate of interest for a specified period of time

Liaises with relevant parties and negotiates a date for completion

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

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

The freedom to make additional payments up to the annual limits

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

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

Possibility of losing out should interest rates fall below your agreed rate

The level of taxation rises according to the property/land price