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Tree preservation orders

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

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.

At anytime of the day or night

They are also useful for larger amounts or where the applicant requires a longer repayment period

will need to be addressed during this period of pre-contract enquires

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

Be precise when filling out the registration forms

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

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

Replacing any damaged, lost or stolen items on a new for old basis

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

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

a 5 year discount with a 7 year ERC

The cost of this is therefore to be taken into account when selecting a lender

These bonuses termed either annual or reversionary cannot be taken away

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

Ask about the sellers position

These are known as regulated loans

Further fees such as arrangement fees are also frequently experienced with this type of rate

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

Demand for housing is higher than the property available

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

5% of the value of the property for your conveyancing

Flexible Mortgages

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market