buy to let, home mortgage

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How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

Plan and think ahead

All formal letters and missives go to create the contract

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

This final bonus is not guaranteed in any way

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

This means that a mortgage with, for example, a discount to 31st January 2006 will have a redemption charge to either the same date or a date prior to this

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

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

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

Including gas and electric suppliers and insurance companies etc

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

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

The typical cost is £50 to £100 and the search is conducted by a solicitor

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

STEP 1 - WHICH LOAN? Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

This is called a collar

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

Know which location/s you prefer

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins