buy to let, uk homeowner

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g Loans for holidays may be restricted to a 12 or 24 month term)

If you are considering protecting your repayments in the event of accident, sickness, unemployment or death, why not browse our Income Protection finder

Poor Credit history can include County Court Judgements(CCJ), Bankruptcy, Mortgage arrears or any late payments on credit arrangements

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

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

5% of the value of the property for your conveyancing

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

When viewing a property ask the question and try to establish a rapport with the seller

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

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

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

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

They will also find that the mortgages they can get will be at a higher interest rate

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term

Overtime and commission may be treated similarly

Unfortunately not all estate agents are ethical in this area

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

How we can Help Obviously prior to making any decisions comparisons from other providers should be obtained

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

A separate life policy will be required in most cases

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

These will be provided for in the initial agreement

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

Neighbours - are you inheriting a problem? During the process of creating the draft contracts the seller completes a questionnaire from their solicitor

will need to be addressed during this period of pre-contract enquires

If using a removal firm we suggest obtaining several quotes first

The value of these holdings will alter on a daily basis and can go down as well as up

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

Some websites are also offering information about local schools, crime rates, and average property prices

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