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Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

At the very least a mobile phone

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

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

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

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

At the end of the term, therefore, you will need to repay the capital

This tends to be between £25 - £50 and may be avoided if enough objections were made

If significant defects are identified, the surveyor may suggest further investigation by an specialist

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

You only get this if you qualify for income support

5 times a single salary and 2

Before making an advance, your mortgage lender will require a valuation report as a minimum

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

We are completely independent and have access to every lender and product on the market

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

(Gazumping)

Capped Rate Mortgages

You do not mind taking some degree of financial risk

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

If negotiation is required, these offers and counter offers are known as missives