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Mortgage Endowment Policies

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

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage

Before the exchange of contracts, you will have to agree on a date for completion of purchase

Normally a lender will require a non-refundable booking fee in advance to reserve this option

Flexible Mortgages

It simply informs the seller of your interest

Although both may vary, a deposit of between 5% and 10% is common, as is completion 28 days after exchange

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

Other factors may well be involved

In such cases there are three possible routes of action that may be of help

There is a wide range of contents insurance options and packages on the market

Exposure to interest rates

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

It is common practice for lenders to pass this charge on to the borrower

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

If negotiation is required, these offers and counter offers are known as missives

We have a Support Team who can be contacted by telephone should you require any further assistance along the way

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

the rates for telephone applications may be different from those for online applications

Written quotations are available on request

If remedial work is required ask the owner if they have had any quotes

This also means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit can take out a loan

See below for more information about these features

The valuation does not represent a detailed inspection