non status, london mortgage

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Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

This will depend on future investment performance

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

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

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

The capital amount is to be repaid at the end of the period agreed

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

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

Borrowers with new loans only get the interest paid after waiting for nine months

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

They are also useful for larger amounts or where the applicant requires a longer repayment period

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

insurance and finance

This is the rate that they apply to all their borrowers before making adjustments for any special offers that may be available at the time and should be examined in every case before making the final decision regarding the choice of lender

Anywhere between 1% and 12% cashback has been available

A good site will enable you to register your requirements and send you the latest property details by email

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

Are they in a chain? How quickly do they want to move? Ask if the agent has a sole agency agreement Having been satisfied with your initial enquiries, it is now time to book a viewing

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

Be aware that valuations are just that - they are not a full structural survey