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It acts as a form of insurance for the lender not the borrower

There are many different types of mortgages and there will be one out there that best suits you

On this subject see ‘No Redemption’ and ‘No Overhang’ below

Investment managers may only be changed on an annual basis

This may be due to a number of factors, but mainly occurs due to the condition of the property

Buyers Market

First time buyers looking for security during the first few years of setting up home

Most insurance companies will have extended buildings cover options which are well worth considering

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

Anywhere between 1% and 12% cashback has been available

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

The following planner will help focus on what needs be done and when

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

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

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

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

Instantly compare hundreds of credit cards and rates to help you choose the best deal

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

What the search should highlight Any Planning notices

carpets and curtains

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

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

a first-come, first-served fixed rate

The lender can give you a settlement figure, normally over the phone

Flexible Mortgages

On-line conveyancing On-line conveyancing is one of the latest improvements in the legal process of buying and selling

All mortgage lenders require a survey, some more thorough and detailed than others

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