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Ensure that you know how the settlement figure is made up

Once your application has been submitted to us, either the service provider will send you an e-mail acknowledging your application

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

A seller may ask you to negotiate specific issues or accept your offer in full; In which case by Scottish Law you are fully committed to the purchase

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

You do not mind taking some degree of financial risk

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

In return you usually agree to pay the variable rate charged by the bank or building society, for a specified term

All mortgage lenders require a survey, some more thorough and detailed than others

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

All lenders base their mortgage range around their variable rate of interest

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

This may have the effect of reducing the length of time it takes to repay your mortgage

How we can Help Obviously prior to making any decisions comparisons from other providers should be obtained

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

This can save hours of waiting on the phone trying to get to speak to your conveyancer

5%

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

It should also be noted that whilst a Maxi has a single investment manager for all three elements the Mini ISAs will have an individual manager per element therein

Capped Rate Mortgage

We specialise in helping people who find it difficult to obtain a mortgage or loan

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

Overtime and commission may be treated similarly

Watch out – the ERC can sometimes last longer than the fixed rate period e

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

Title searches at the Land Registry will also be carried out

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance