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Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

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

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

This may result in the property having to be sold to repay the debt owed

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

Individuals on a tight budget expecting wage increases over the first few years of the mortgage

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

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

Repayment Mortgages UK

Location : Normally an agent will ask for a number of areas Do you need finance? If not how are you financing the purchase? Is it dependant on selling a property? If you have registered with an agent and your not getting any details

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

There are many reasons why a seller may want a quick sale

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

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

Assuming that you have your financial preparations in place (a mortgage in principle)

Most insurance companies will have extended buildings cover options which are well worth considering

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

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

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

This may cover issues such as disputes with neighbours

Buyers should check carefully any property they wish to buy for such restrictions

Compare mortgage rates to find your ideal mortgage, or see how much you could save by changing lenders and re-mortgaging

Disadvantages: Unexpected increases in payments at term end

All mortgage lenders require an official search to be carried out

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

All lenders will insist on Buildings Insurance as the very minimum

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

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