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Disadvantages: Associated redemption penalties are restrictive

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

Neighbours - are you inheriting a problem? During the process of creating the draft contracts the seller completes a questionnaire from their solicitor

Self Certification Mortgages

Normally just complete a form online and a price is given

This protects the lender in case you do not repay the loan and your home has to be repossessed

Some sites are also offering information about local schools, crime rates, and average property prices

The period of borrowing is in excess of say 12 years

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage

Watch out – the ERC can sometimes last longer than the fixed rate period e

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

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

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

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

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

However should rates decrease the borrower will benefit from lower payments

If you have a mortgage, the lender will insist that you take out this type of policy

Some will allow for bonuses and some will only allow 50% of bonus

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

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

Any changes in the Bank of England base rate will be directly reflected in the monthly mortgage payments

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

Initial property enquiries This is where much time involved in selling and buying is wasted

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

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Particularly furnishings and fittings,

These are known as regulated loans