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Avoidance of early redemption penalties

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

If you are not happy with the answer, investigate further or walk away

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This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

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

For a mortgage secured on a property, insurance may be required

The second influence on the amount you can borrow is your current level of income

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Obtaining quotes for conveyancing is simple

If the property was purchased outright, the buyer keeps the deeds

Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

However, try to include as much as possible in the negotiations

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

Considering the current market conditions Excluding the property itself, the current condition of the national market is a significant factor in the process of negotiation

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

The cost of the survey is usually between £150 and £300 and provides a more in-depth inspection of a property

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This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

Watch out – the ERC can sometimes last longer than the fixed rate period e

rooms, style, new or old etc

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

The typical cost is £50 to £100 and the search is conducted by a solicitor