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Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

Normally just complete a form online and a price is given

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

The valuation does not represent a detailed inspection

Current Account Mortgage

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

Variable Rate Mortgages

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

If you have any doubts check with the lender

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

Not all buyers pull out as a result of the condition of property itself, but it is worth noting that further enquiries should be made as to the reasons for a previous buyer pulling out

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

If the plan is not reaching its expected target, the borrower can increase payments into the policy or invest in another product to cover any anticipated shortfall

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

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

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

The offer includes the purchase price, date of entry, alterations and specialist works together with any inclusions such as carpets and curtains etc

Receive replies to questions raised and reports to you with the contract for signing

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

Again, if you have any concerns about this, your solicitor will be able to advise you

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

1 week to go Pay all local milk/paper bills. Cancel any services, e.g. window cleaner, milkman, newspaper delivery. Return videos/library books/pick up dry-cleaning. Drain petrol/oil from any garden equipment. Prepare directions for removals company. Confirm final details with them and include contact/mobile numbers for you throughout the day. Make sure all the utilities at your new home will be fully functional for when you move in.

This may result in the property having to be sold to repay the debt owed

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

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’)

Payment is either up front, or added to the overall loan

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

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing