mortgage protection, london mortgage

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

This is not an obligation to purchase the property

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

This is referred to as a ‘redemption overhang’

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

Before the exchange of contracts, you will have to agree on a date for completion of purchase

In this case the lender agrees to release the amount withheld over a staged period of time after satisfactory completion and in most cases inspection of the remedial work

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

The money may only be drawn from a pension policy when the policyholder reaches retirement age

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

With this type of mortgage, interest may be calculated on a daily or weekly basis

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

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

See below for more information about these features

Check it out and see how the neighbourhood is rated

This means that all bank rates cuts are automatically passed on to the borrower

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

Pay particular attention to buildings insurance

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

Customers cashing-in an endowment policy in the first few years after inception can receive less than the amount invested

Payment holidays are permitted

insurance and finance

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

They will also find that the mortgages they can get will be at a higher interest rate

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost £thousands (6 months interest is common) depending on the lender and scheme