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Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

The seller is legally required to answer these enquiries honestly! But do they? We believe not always

In England and Wales a survey is normally made after the offer has been accept subject to contract

Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

Commonly these will be between 3 and 3

Try not to widen your search in too much

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

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

Possibility of losing out should interest rates fall below your agreed rate

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

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Charges can be significant

On this subject see ‘No Redemption’ and ‘No Overhang’ below

Check for built-in appliances

Homebuyers survey This is the most popular form of survey and is intended for use on conventional types of property

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

The second influence on the amount you can borrow is your current level of income

Unfortunately not all estate agents are ethical in this area

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

If a redemption fee does apply, all is not lost

Anywhere between 1% and 12% cashback has been available

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

With discount mortgages borrowers need to watch out for ‘payment shock’

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

Buildings survey Also known as a structural survey

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

Look out for fixed features in the garden such as greenhouse, garden sheds, birdbaths, statues etc

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered