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Setting the completion date The standard time between exchange of contracts and completion is four weeks

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

Look out for fixed features in the garden such as greenhouse, garden sheds, birdbaths, statues etc

A separate life policy will be required in most cases

You are then free to move into your new home

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

Normally a lender will require a non-refundable booking fee in advance to reserve this option

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

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

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

If for any reason your application is declined, may be able to direct your application to a provider who can help

These are more detailed than a lender valuation but they produced on behalf of the applicant

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

This may have the effect of reducing the length of time it takes to repay your mortgage

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

If applicable, a redemption fee will come into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

Flexible Mortgages

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

YOU CAN APPLY FOR A LOAN WITHOUT LEAVING THIS SITE! the facility to apply online for your personal loan

Compare mortgage rates to find your ideal mortgage, or see how much you could save by changing lenders and re-mortgaging

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

This will prove handy at the time of making an offer

The freedom to make additional payments up to the annual limits

Your local borough council or solicitor will be able to provide you with the exact cost