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

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Arriving at the property Before knocking, take a few moments to observe your first impressions

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property

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

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

insurance and finance

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

Buyers should check carefully any property they wish to buy for such restrictions

Once all documentation is in order (after checking with you and your lender) the solicitor will send the title deeds for recording in the Register of Sassines or registration in the Land Register of Scotland

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

Each case should be taken on its own merits

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

Be prepared

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

The period of borrowing is in excess of say 12 years

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

The seasoned mover is likely to have learnt from past experiences to exactly that

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

This protects the lender in case you do not repay the loan and your home has to be repossessed

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

Redemption penalties can prevent restructuring of your mortgage and associated finances

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

Most lenders have a different name for this charge i

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

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

Below is a quick and easy guide to personal loans

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

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