conveyancing, london mortgage

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In such cases there are three possible routes of action that may be of help

Discounted Rate Mortgage

This may be an expensive choice, as in the vast majority of cases Just are able to significantly reduce your mortgage rate, although it is of course imperative to consider the potential cost of any redemption penalties on your existing mortgage

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

You never know, it could be a deciding factor involved in your decision to purchase or not

If added to the loan then interest is charged over the duration of the loan

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

The lender can give you a settlement figure, normally over the phone

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Disadvantages: Generally the rate will not be competitive in relation to the market

a 5 year discount with a 7 year ERC

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

Obtaining quotes for conveyancing is simple

The initial pay rate would therefore be 3

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

Whereas in Scotland, the survey is completed before making a formal offer

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

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

It is common practice for lenders to pass this charge on to the borrower

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

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

Conditional planning permissions granted

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

See below for more information about these features

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

At the end of the term, therefore, you will need to repay the capital

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.