buy to let, home mortgage uk

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

A survey carried out by the mortgage lender should indicate what sum to insure

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

The key advantage is that you should be able to track the process of the purchase online

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

Written quotations are available on request

In the longer term, with flexible mortgage rates, you should see the reduction of the amount owing occurring more quickly than a standard mortgage

If a redemption fee does apply, all is not lost

Watch out – the ERC can sometimes last longer than the fixed rate period e

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

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

This tends to be between £25 - £50 and may be avoided if enough objections were made

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

The key thing is to talk with your lender

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

When viewing a property ask the question and try to establish a rapport with the seller

All formal letters and missives go to create the contract

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

This will vary between lenders and products

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

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

It simply informs the seller of your interest

5 times a single salary and 2

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

This may mean that you require a scheme which permits lumps sum payments to reduce the mortgage or may be seeking to combine both your current account and mortgage borrowings in the same financial product