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Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

We have a Support Team who can be contacted by telephone should you require any further assistance along the way

With this type of mortgage, only the interest is paid off with each mortgage payment

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

If you have a mortgage, the lender will insist that you take out this type of policy

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

Overtime and commission may be treated similarly

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

This is covered above

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

Current Account Mortgage

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

Upon making an offer via the agent or directly to the seller, the experienced seller is likely to take into account several factors over and (in many cases) above the offer price itself

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

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

If the property was purchased outright, the buyer keeps the deeds

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

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

You are not looking for a guarantee of repayment at the end of the mortgage term

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

In return you usually agree to pay the variable rate charged by the bank or building society, for a specified term

It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

There are limits applied to all contributions

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work