variable rate, london mortgage

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You are not looking for a guarantee of repayment at the end of the mortgage term

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Some sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

They should be included in the sale

A removal firm will normally supply a quote over the phone, based on the location your moving from and to

The value of these holdings will alter on a daily basis and can go down as well as up

5% on a normal lending limit of 75% loan to value

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

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

They deal with surveyors every day and should be able to recommend a good one

Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

5%

The potential for your rate to reduce unlike the fixed rate mortgage

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

Valuations and mortgage reports Note, a valuation is not a survey

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

It may be that there is more or less demand on a certain type of property or particular estates/areas

Arriving at the property Before knocking, take a few moments to observe your first impressions

The second influence on the amount you can borrow is your current level of income

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

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

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.