re-mortgages, uk loan

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If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges

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

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

However in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

Before making an advance, your mortgage lender will require a valuation report as a minimum

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

Most lenders have a different name for this charge i

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

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Your solicitor will also be checking the exact description of the property and any title burdens

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

There are two main factors that influence the amount you are able to borrow

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

Interest is far more likely to be calculated on a daily basis

Receive replies to questions raised and reports to you with the contract for signing

Depending on the amount of loan and the LTV the Mortgage Indemnity Guarantee charge can be a significant cost e

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

It should be noted that individual savings accounts are relatively new products and as with any piece of new legislation there is always some degree of uncertainty over its long term future

You will be kept up-to-date on the progress of your application by e-mail

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

This is called a collar