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Variable Rate MortgagesFor peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’ For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800 The standard period is 14-28 days after exchange A system of feudal tenure exists in Scotland, under which the seller has the power to impose permanent restrictions on the future use and development of the property and land Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans This may result in the property having to be sold to repay the debt owed Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value This tends to be between £25 - £50 and may be avoided if enough objections were made The interest rate can fluctuate and is not fixed at the initial rate of interest The first of these relates to the current market value of the property to which the mortgage relates Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy |