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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

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

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We specialise in helping people who find it difficult to obtain a mortgage or loan

Equally, you may consider whether the most suitable mortgage vehicle for the future would be a repayment or interest only mortgage (see our Guide to your Mortgage Repayment Options) and this may be related to the prospect of remaining in the same house for the remaining term of your mortgage

The purpose of the search is to discover if there are plans for nearby development that could potentially affect the property

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

There are some important facts to understand about the mortgage indemnity charge

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

With this type of mortgage, only the interest is paid off with each mortgage payment

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

An investor may only hold one of each Mini in any tax year

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

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

Be aware that making an offer may have legal consequences for you

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

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.

There are more properties on the market than there are buyers

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

The first of these relates to the current market value of the property to which the mortgage relates

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

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