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The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

They should be included in the sale

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

Ensure that you know how the settlement figure is made up

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

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

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

It may also give you a good indication regarding the seriousness of intent to sell

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

Flexible mortgage Cashback Fixed Discounted Capped

All formal letters and missives go to create the contract

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

Be precise when filling out the registration forms

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

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

29% 2 year fixed fee free, no extended ties

ISA The Individual Savings Account (ISA) is a tax free method of saving

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed

Flexible mortgage rates overcome this problem by allowing the borrower to make both over and underpayments into the account

It is important to note that the valuation is carried out on behalf of the lender – not the mortgage applicants! Frequently lenders include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation

It is worth noting that the average property purchase price in the UK has now hit over £100,000

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

99% 2 year discount, no extended ties fee free remortgage

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

The amount provided by the investment product cannot normally be guaranteed

All lenders will insist on buildings insurance as the very minimum

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment