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This form of insurance is not compulsory

This is also particularly relevant in the case of sealed bids

The law on moveables is quite complex

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

They provide a detailed analysis of your financial position

Are there any guarantees not held with the title deeds? i

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

With this type of mortgage, interest may be calculated on a daily or weekly basis

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Stamp Duty becomes payable at the time of completion/taking entry and is normally made via a solicitor

The redemption fee payable is often up to six times the currently monthly repayments

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

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

Basically it is any item that is not firmly attached to the house that is counted as a moveable

Self Certification Mortgages

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

Commonly these will be between 3 and 3

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

Ability to benefit from rate cuts as they occur

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

This will depend on future investment performance

Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

Other factors may well be involved