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

Neighbours - are you inheriting a problem? During the process of creating the draft contracts the seller completes a questionnaire from their solicitor

Ensure that you know how the settlement figure is made up

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

Lenders have an array of different criterion on which they will base the maximum LTV and at Just we will be able to provide you with advice regarding different lenders attitudes in this area

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

The redemption fee payable is often up to six times the currently monthly repayments

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

This form of insurance is not compulsory

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

This had much to do with the amount of properties being repossessed at the time

You may also speak to the seller directly

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

Negotiation with a lender is possible

There is a wide range of contents insurance options and packages on the market

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

The agent will be more willing to hand you properties that he can sell quickly or that are in greater demand

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

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

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

Variable Rate Mortgage

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property