first time buyer, mortgage uk

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Ability to benefit from rate cuts as they occur

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

The policy is usually highly portable and allows free movement from lender to lender

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

Your solicitor will also be checking the exact description of the property and any title burdens

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

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

Examine these policies carefully

Tree preservation orders

Your mortgage lender will insist on a property survey before approving your mortgage

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental property¹s mortgage repayments (interest only)

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

If you have a mortgage, the lender will insist that you take out this type of policy

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

Current Account Mortgage (CAM)

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

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

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

If negotiation is required, these offers and counter offers are known as missives

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Be aware that valuations are just that - they are not a full structural survey

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