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As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

If using a removal firm we suggest obtaining several quotes first

the mortgage balance minus the positive balance held in the current account

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

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

Being hit by an unexpected redemption fee can put a serious dent into your finances

damp and timber reports, planning consents for alterations and extensions

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

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

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

A recommendation of the building/rebuild insurance cover required should also be given

You are then free to move into your new home

Pay particular attention to buildings insurance

Again, if you have any concerns about this, your solicitor will be able to advise you

Which way is the property positioned? East facing rooms will receive more sun in the morning; West-facing rooms will be brighter in the afternoon

Existing endowments can be used to support a new mortgage with any ‘additional lending’ over the value of the projected maturity balance being covered on a repayment basis or with an alternative repayment vehicle

If asked, the seller will let you know how they would like to proceed

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

Understandably this is due to protecting their investment

This means that a mortgage with, for example, a discount to 31st January 2006 will have a redemption charge to either the same date or a date prior to this

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

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

Each case should be taken on its own merits

Disadvantages: Unexpected increases in payments at term end

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction