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

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

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

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

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

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

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

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

3% of the loan

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

We recommend taking a look at homecheck

There are limits applied to all contributions

A survey carried out by the mortgage lender should indicate what sum to insure

Alternatively the title deeds will be sent to the mortgage lender in the case of raising finance for the purchase

What limitations apply to your current mortgage rate