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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

Considering the current market conditions Excluding the property itself, the current condition of the national market is a significant factor in the process of negotiation

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Check to see if this applies with your lender or solicitor

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

Lenders have an array of different criterion on which they will base the maximum LTV and at Just we will be able to provide you with advice regarding different lenders attitudes in this area

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

Initial property enquiries This is where much time involved in selling and buying is wasted

Variable Rate Mortgage

More detailed reports are also available for a small fee

5% on a normal lending limit of 75% loan to value

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

In such cases there are three possible routes of action that may be of help

Frequently they can be added to the mortgage hence the fee does not become an ‘out of pocket’ expense

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.

If applicable, a redemption fee will come into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

All formal letters and missives go to create the contract

This is usually linked to the amount of cashback provided

This is called a collar

Sewers and drainage

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk