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It will cover problems such as collapse or serious distortion of floor joists or the roof

Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

damp and timber reports, planning consents for alterations and extensions

The opportunity to take payment holidays without incurring large penalties

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

Buyers Market

Without an appraisal, it is going to be difficult to plan ahead

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

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

linked with a discount, but pure cashback products are not uncommon

Compare the property with surrounding properties

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

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

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

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

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

All lenders will insist on buildings insurance as the very minimum