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on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

The period of borrowing is for a short period (say less than 12 years) You are nearing retirement and want the security of guaranteeing the repayment of your mortgage

Interest Only Mortgage Advice

The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

Normally a lender will require a non-refundable booking fee in advance to reserve this option

This rate is known as the Annual Percentage Rate (APR)

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

Whether the property is a listed building or in a conservation area

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

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 typical rate is a rate that is offered to over 50% of successful applicants, and the exact rate offered to you will depend on your personal circumstances, the amount and term of the loan along with the credit assessment procedures

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

This is referred to as a ‘redemption overhang’

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

If so, be bold and ask to see them

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

Generally anything between 1 and 25 year fixed rates are available

5%

2% fees-free offset mortgage

A previous buyer will only be too happy to get some of the survey costs back

Basically it is any item that is not firmly attached to the house that is counted as a moveable

This had much to do with the amount of properties being repossessed at the time

It may also indicate how genuine the sellers are

A recommendation of the building/rebuild insurance cover required should also be given

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

They deal with surveyors every day and should be able to recommend a good one

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

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

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

Arrangement fees are common on fixed and capped rate mortgages