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

This mainly occurs in a sellers market or where the property is of rare value

For more information please see:: Dealing with adverse valuations Recently built homes Most new houses have a National House Building Council (NHBC) Certificate

Flexible Mortgages

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

A separate life policy will be required in most cases

The period an Early Redemption Charge applies can vary

In either case, having prepared the ground an agent will notice that you have put some work into sorting a few thing out, thus take you seriously

The standard period is 14-28 days after exchange

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

Valuations and mortgage reports Note, a valuation is not a survey

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Another form of insurance is Mortgage Indemnity Guarantee

Receives search results and deals with any problems revealed

It simply informs the seller of your interest

It is common practice for lenders to pass this charge on to the borrower

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

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

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

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

Most recent mortgage statement or a redemption statement from your lender

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

You may also speak to the seller directly

The seasoned mover is likely to have learnt from past experiences to exactly that

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

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

Your solicitor should be able to advise you on the current search time

You only get this if you qualify for income support

First time buyers looking for security during the first few years of setting up home