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Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

ISA The Individual Savings Account (ISA) is a tax free method of saving

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

An endowment policy is a commonly used investment product to repay the capital, although there are other alternatives

The redemption fee payable is often up to six times the currently monthly repayments

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

Compare the property with surrounding properties

The following planner will help focus on what needs be done and when

A removal firm will normally supply a quote over the phone, based on the location your moving from and to

Your mortgage lender will insist on a property survey before approving your mortgage

It is important to note that comment within the report is limited to those areas that are considered accessible at inspection

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

As a result a lender may restrict the amount they are prepared to advance or place conditions on the advance

It should also be noted that whilst a Maxi has a single investment manager for all three elements the Mini ISAs will have an individual manager per element therein

The increased flexibility inherent within the repayment vehicle can lead to shortfalls in relation to the amounts required owing to withdrawals having been made

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