investment mortgage, mortgage loan uk

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The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

Listing all the contacts involved in the move

Borrowers with larger loans Remortgaging The Basics How we can help Information Required The Basics Becoming increasingly popular over the last ten years remortgaging is commonplace in today’s competitive mortgage market

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

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

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

The amount will vary from lender to lender and on the size of the mortgage

Most insurance companies will have extended buildings cover options which are well worth considering

Be prepared

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

For a mortgage secured on a property, insurance may be required

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

Much depends on the agent, the seller and your confidence in your negotiation skills

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

Some websites are also offering information about local schools, crime rates, and average property prices

Particularly furnishings and fittings,

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

They provide a detailed analysis of your financial position

If you are refused a personal loan or wish to make enquiries concerning your own credit file, you can apply to the credit reference agencies for a copy of your credit file

ARLA - The The Association of Residential Letting Agents (ARLA) is a self-regulating body, which is solely concerned with lettings. In the event of unresolved disputes, the ARLA offers arbitration for landlords and tenants who use ARLA member firms. more info: http://www.arla.co.uk Arrangement Fee Sometime referred to as an Application Fee. The fee is an amount of moneylenders charge for arranging a mortgage. It may include administration costs and normally varies from one particular mortgage product to another.

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Noise abatement orders

Examine these policies carefully

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender