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OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

If added to the loan then interest is charged over the duration of the loan

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

Proposed road works within 200 meters of the property

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

There are more properties on the market than there are buyers

Pay particular attention to buildings insurance

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

Each year the original capital sum will remain outstanding

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.

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

It will cover problems such as collapse or serious distortion of floor joists or the roof

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

Alternatively the title deeds will be sent to the mortgage lender in the case of raising finance for the purchase

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

All lenders will insist on buildings insurance as the very minimum

The plan holder can then draw a pension from the balance of the fund

5% of the value of the property for your conveyancing

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

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

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

An investor may only hold one of each Mini in any tax year

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

This form of insurance is not compulsory

The initial pay rate would therefore be 3

Conditional planning permissions granted

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

The earlier you contact them, the more sympathetic they are likely to be

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

These mortgages take the benefits of the flexible mortgage and use the funds held in the current account to offset the interest e

will need to be addressed during this period of pre-contract enquires