fixed rate, london mortgage

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Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

Check for built-in appliances

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

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

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

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

Ask why the current owners are selling the property

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

coal mining search to check for subsidence; check to see if there are some planned major road developments going through the back garden etc

This is referred to as a ‘redemption overhang’

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

Mortgage Endowment Policies

With discount mortgages borrowers need to watch out for ‘payment shock’

These will be provided for in the initial agreement

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

However, most vendors are reluctant to take the hit on the full amount

The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

Our Mortgage Calculator will allow you to see how much you can borrow and the cost of your monthly repayments

This search can take between four and six weeks although many councils process searches in two weeks

This information is likely to have been given to the seller and will form part of there judgement of your offer

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

Receives search results and deals with any problems revealed