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This mainly occurs in a sellers market or where the property is of rare value

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Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

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

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period

This is a fantastic time saver

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

These are often referred to as credit scoring facilities

Flexible mortgage Cashback Fixed Discounted Capped

The customer is charged mortgage interest on £48,000 i

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

For more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself

Mortgage lenders require that neither the buyer nor the seller have a bankruptcy notice registered against them

Proposed road works within 200 meters of the property

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

Exposure to interest rate rises

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

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

The redemption fee payable is often up to six times you currently monthly repayments

Receive replies to questions raised and reports to you with the contract for signing

5%

All lenders will insist on Buildings Insurance as the very minimum

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

Offers are invited above the stated price