endowment mortgage, tenant loans uk

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Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

5% of the value of the property for your conveyancing

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

Investment managers may only be changed on an annual basis

Commonly these will be between 3 and 3

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

Poor Credit & Loan Advice

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

Some websites are also offering information about local schools, crime rates, and average property prices

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

2% fees-free offset mortgage

A good site will enable you to register your requirements and send you the latest property details by email

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

The period of borrowing is in excess of say 12 years

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

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

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided