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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

Especially considering that they had gone to the expense of paying for a building survey

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

Until the seller receives these funds, the buyer may not normally have access to the property

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

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

A system of feudal tenure exists in Scotland, under which the seller has the power to impose permanent restrictions on the future use and development of the property and land

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

They deal with surveyors every day and should be able to recommend a good one

Disadvantages: Unexpected increases in payments at term end

They are more expensive than the lenders valuation

Possibility of losing out should interest rates fall below your agreed rate

Regular checking of the policy fund itself by the borrower and the lender should minimise any risk

With this type of mortgage, only the interest is paid off with each mortgage payment

Prior to making the decision to remortgage it is important to establish a number of basic facts or the benefit of your remortgage may be significantly reduced by penalties imposed by your current lender

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

Be precise when filling out the registration forms

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage

They should be included in the sale

How we can Help Obviously prior to making any decisions comparisons from other providers should be obtained

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

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

It is worth noting that the average property purchase price in the UK has now hit over £100,000

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches