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Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

Demand for housing is higher than the property available

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

Borrowers with new loans only get the interest paid after waiting for nine months

Life assurance cover is not always necessary in taking out this type of mortgage

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.

What the search should highlight Any Planning notices

An investor may only hold one of each Mini in any tax year

Some will allow for bonuses and some will only allow 50% of bonus

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

This tends to be between £25 - £50 and may be avoided if enough objections were made

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

There are some important facts to understand about the mortgage indemnity charge

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

You never know, it could be a deciding factor involved in your decision to purchase or not

Generally, secured loans are much easier to obtain than unsecured loans

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

Some plans are tax-efficient

A Guide to Secured Home-Owner Loans A secured loan is any loan that requires the borrower to provide the lender with some form of security

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

a first-come, first-served fixed rate

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

If for any reason your application is declined, may be able to direct your application to a provider who can help

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

In England and Wales a survey is normally made after the offer has been accept subject to contract

Before making an advance, your mortgage lender will require a valuation report as a minimum

Not only will an estate agent take you more seriously, but the seller will feel more comfortable and have more confidence that you are not time wasting

It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process