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Therefore, a reputable agent will forward all offers to their client even if these are made after an offer has been accepted

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

They are more expensive than the lenders valuation

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

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

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

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

You are then free to move into your new home

All lenders base their mortgage range around their variable rate of interest

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

In summary you will find numerous different methods of calculating the maximum LTV but the figure once stated is usually non-negotiable

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

What other costs are involved in any remortgage scheme? What solicitors fees are incurred, valuation costs and set up fees? Once all this information is available you will be in a position to make an informed decision on how you might wish to proceed

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

The money is then paid back to the Lender over a fixed period of time together with accrued interest

A booking fee is paid to reserve funds on a mortgage product that has limited funds available e

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

It can be done, but much depends on the lender

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

Remember, it is your responsibility to get the correct sum insured

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually