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Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

Again, if you have any concerns about this, your solicitor will be able to advise you

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

Repayment Mortgages UK

the rates for telephone applications may be different from those for online applications

Has it been recently decorated? Does it require any major work or modernisation? Ask what else is included in the sale

The cost of the survey is usually between £150 and £300 and provides a more in-depth inspection of a property

It occurs when the seller accepts a higher offer from another buyer after already having accepted yours

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

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 £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

6 months interest or repayment of the amount of benefit received, be it cashback or reduced interest

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

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

Be precise when filling out the registration forms

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

(Gazumping)

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

This may reveal other factors that will not appear on any formal search

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date