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This search can take between four and six weeks although many councils process searches in two weeks

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

At Just we can complete a full analysis of the market using the most up to date information available

Discounted Rate Mortgage

a) Inform the vendor/agent about the dilemma to see if an agreement can be made regarding a reduction in the sale price

(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

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

Initial property enquiries This is where much time involved in selling and buying is wasted

There are some important facts to understand about the mortgage indemnity charge

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

Preliminary Observations Ask about the cost of council tax and utilities with the seller

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

Only one Maxi individual savings account may be held in any one tax year

This form of insurance is not compulsory

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

This is not an obligation to purchase the property

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

Capped Rate Mortgage

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

You have an offer on your property - The further into the processes of selling your home, the better

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

Why indexed linked? - As time goes by, the rebuild and repair costs of any property damage are likely to increase, thus if the sum insured does not rise in relation to these, you will end up being under insured

This had much to do with the amount of properties being repossessed at the time

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

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

This final bonus is not guaranteed in any way

Overtime and commission may be treated similarly

Arrangement fees are common on fixed and capped rate mortgages

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

An arrangement fee is typically charged on completion of the mortgage

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders