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The seller is legally required to answer these enquiries honestly! But do they? We believe not always

This also means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit can take out a loan

Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans

3% of the loan

A survey carried out by the mortgage lender should indicate what sum to insure

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

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

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

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Lenders will also use credit reference agencies to obtain information about you

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental property¹s mortgage repayments (interest only)

Replacing any damaged, lost or stolen items on a new for old basis

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

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

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

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.

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

You never know, it could be a deciding factor involved in your decision to purchase or not

So we know our specialist advisers can provide you with the mortgage that best suits your needs

You may also speak to the seller directly

At this point a survey will need to be arranged so that a firm and informed offer may be made

Once the ruling has taken place it will be recorded against the persons credit history and will appear every time a credit search is done for the next seven years