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This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

The seasoned mover is likely to have learnt from past experiences to exactly that

Assessments are generally made very quickly based on your personal circumstances

Some short term discount products offer a ‘deep discount’ e

Ensure that you know how the settlement figure is made up

When registering, be aware that you a likely to receive information on other services or products

Specific questions which may cover issues such as disputes with neighbours, alterations to the property, etc

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

Know which location/s you prefer

An endowment policy is a commonly used investment product to repay the capital, although there are other alternatives

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Obviously, neighbours have the potential of making your life absolute hell; So if you have a doubts do not be afraid to ask

In many cases, lenders offer different rates depending on the method by which you apply

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

If you want to continue, find out if the previous buyer had completed the searches or any survey

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4 weeks to go Arrange buildings insurance for your new home to commence on exchange of contracts. Check that your home contents are adequately insured (transit insurance) during the move. Start to use up food from your freezer. Contact the telephone company to organise reconnection or installation of a line. Book time off work. Make special arrangements for pets and remember that they often find moving home stressful!

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

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

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

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account

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

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

Borrowers confident that the mortgage rate is likely to fall