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Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

In certain instances the valuation figure returned by the surveyor may not equal the purchase price

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

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

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

They are more expensive than the lenders valuation

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

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

5%

If you are unsure, talk to local estate agents and solicitors

Home Mortgage Rates

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

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

You are then free to move into your new home

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

This tends to be between £25 - £50 and may be avoided if enough objections were made

The skilled agent will ask a series of questions that determine how serious you are, what properties will be of interest, what else they can sell to you and how quickly they can do it

Variable Rate Mortgages

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

Get advice on all types of loans, compare rates, or apply for a loan online

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

What other costs are involved in any remortgage scheme? What solicitors fees are incurred, valuation costs and set up fees? Once all this information is available you will be in a position to make an informed decision on how you might wish to proceed

This may reveal other factors that will not appear on any formal search

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.

How long does your present fixed, discounted or capped rate last for

Each year the amount owed will decline

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

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.

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