mortgage protection, uk loan

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This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

Ask about the sellers position

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

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

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.

Generally anything between 1 and 25 year fixed rates are available

Written quotations are available on request

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

Regular checking of the policy fund itself by the borrower and the lender should minimise any risk

No further funds can now be put into Personal Equity Plans

All lenders will insist on buildings insurance as the very minimum

We also hold the details of loans designed specifically for applicants with a poor credit history, and we provide the facility to apply online for these through moneysupermarket