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The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

So we know our specialist advisers can provide you with the mortgage that best suits your needs

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

There are many reasons why a seller may want a quick sale

the rates for telephone applications may be different from those for online applications

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

Mortgage Endowment Policies

The initial pay rate would therefore be 3

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

The plan holder can then draw a pension from the balance of the fund

Offers are invited above the stated price

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

ISA The Individual Savings Account (ISA) is a tax free method of saving

If so, be bold and ask to see them

Your local borough council or solicitor will be able to provide you with the exact cost

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

The moving in day is likely to be one of the most memorable days in connection with the property, so we hope our planner goes some way in making your move more pleasurable

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Your solicitor should be able to advise you on the current search time

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

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

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

damp and timber reports, planning consents for alterations and extensions

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

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

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

Life assurance cover is not always necessary in taking out this type of mortgage

UK Pensions Advice

These bonuses termed either annual or reversionary cannot be taken away

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)