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If using a removal firm we suggest obtaining several quotes first

The seller in turn will most likely invite you to make an offer on or before a closing date

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

Other factors may well be involved

However in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

Get the first 3 months FREE on any premium

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

First time buyers looking for security during the first few years of setting up home

Higher rate taxpayers may benefit from this option

A booking fee will normally be required with the application form

Ask about the reason for the sale

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

Lenders will also use credit reference agencies to obtain information about you

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

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

On this subject see ‘No Redemption’ and ‘No Overhang’ below

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

The policy is usually highly portable and allows free movement from lender to lender

This possibility alone was enough to dissuade many people from becoming private landlords in the past

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

It is important to note that the valuation is carried out on behalf of the lender – not the mortgage applicants! Frequently lenders include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation

Plus the number of rooms in your existing home

In most cases, it is simply not worth it

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

The process of registration is usually conducted via a solicitor