residential, secured loan uk

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

Remember, it is your responsibility to get the correct sum insured

insurance and finance

An endowment policy is a commonly used investment product to repay the capital, although there are other alternatives

Each year the original capital sum will remain outstanding

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

There is potential for higher returns than endowments

Note any parking facilities or restrictions

Life assurance cover is not always necessary in taking out this type of mortgage

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

Borrowers with larger loans Remortgaging The Basics How we can help Information Required The Basics Becoming increasingly popular over the last ten years remortgaging is commonplace in today’s competitive mortgage market

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

See below for a quick guide to secured loans

This will prove handy at the time of making an offer

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

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

This form of insurance is not compulsory

Poor Credit history can include County Court Judgements(CCJ), Bankruptcy, Mortgage arrears or any late payments on credit arrangements

Buildings survey Also known as a structural survey

This is usually linked to the amount of cashback provided

coal mining search to check for subsidence; check to see if there are some planned major road developments going through the back garden etc

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

It provides no benefit to you, it is for the lenders protection only

Individuals utilising short-term finance arrangements to provide their deposit

Normally a lender will require a non-refundable booking fee in advance to reserve this option

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

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

Variable Rate Mortgage

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

You may not get a straight answer, but at least the owner and agent will be aware that you know the score