current account, home mortgage

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

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

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

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

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

Endowments provide life assurance so that in the event of death the mortgage is paid off

If you have a mortgage, the lender will insist that you take out this type of policy

Possible diversion or closure of roads or footpaths

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

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

The initial pay rate would therefore be 3

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

How we can Help Obviously prior to making any decisions comparisons from other providers should be obtained

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

You are not looking for a guarantee of repayment at the end of the mortgage term