residential, uk mortgage

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On this subject see ‘No Redemption’ and ‘No Overhang’ below

The costs will be greater for house purchase than for remortgage

Preliminary Observations Ask about the cost of council tax and utilities with the seller

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

Buyers Market

Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

The money is then paid back to the Lender over a fixed period of time together with accrued interest

A valuation of the property is supplied based on the approximate market value of the property

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

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