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Find out what else is included in the sale

For borrowers moving house regularly, this can result in little of the capital being paid off

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

We are completely independent and have access to every lender and product on the market

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

Put the owner on the spot and see what reaction you get

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

Gain an advantage view point of the roof - Does it bow or are there any tiles missing? Are there signs of any glass being recently replaced or damage to external doors? Possibly indicating signs of break-in

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

YOU CAN APPLY FOR A LOAN WITHOUT LEAVING THIS SITE! the facility to apply online for your personal loan

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

5%

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

Obviously, neighbours have the potential of making your life absolute hell; So if you have a doubts do not be afraid to ask

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

A previous buyer will only be too happy to get some of the survey costs back

Further fees such as arrangement fees are also frequently experienced with this type of rate

An endowment policy is a commonly used investment product to repay the capital, although there are other alternatives

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present