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Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

This can save hours of waiting on the phone trying to get to speak to your conveyancer

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

5 to 3 times joint income

Compare the property with surrounding properties

Be prepared

The capital amount is to be repaid at the end of the period agreed

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

Only one Maxi individual savings account may be held in any one tax year

Buyers Market

6 months interest or repayment of the amount of benefit received, be it cashback or reduced interest

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

If a redemption fee does apply, all is not lost

If the variable rate rose to say, 6%, then the rate payable would rise to 4

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

UK Pensions Advice

Ensure that you know how the settlement figure is made up

It is still possible to have up-front charges for discounted products and an Early Redemption Charge is common

Variable Rate Mortgage

More detailed reports are also available for a small fee

Current Account Mortgage

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

This will depend on future investment performance

At Just we can complete a full analysis of the market using the most up to date information available

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

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.

Pay particular attention to buildings insurance

Base Rate Tracker Mortgages