equity loan, mortgage guide uk

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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

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

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

Often it may require obtaining quotations for any remedial work required to form the basis of any negotiation on price

As a result a lender may restrict the amount they are prepared to advance or place conditions on the advance

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage

The second influence on the amount you can borrow is your current level of income

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

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

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

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

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The valuation does not represent a detailed inspection

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

At this point a survey will need to be arranged so that a firm and informed offer may be made

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.

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

They will also find that the mortgages they can get will be at a higher interest rate

Read all the details on the specification sheet

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

For more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself