Low Setup Cost Mortgages

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What Happens If We Have A Joint Mortgage, But One Of Us Wants To Leave?: This area of the law is an extremely complex one – and it all depends on who is the legal owner of the property. You can read about this matter further on https://england.shelter.org.uk/advice/advice-469.cfm
Refinance Mortgage: What is a Refinance Mortgage?
What is a Fixed Rate Mortgage?: A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
What Are Buy To Let Mortgages?: A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
What Happens If I Have Bank Defaults?: If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.

When you apply for a mortgage and to buy a property, there are certain initial costs that are, on the whole, unavoidable.

Property evaluation and survey

First you have to have a property evaluation and survey - this has to be carried out so the mortgage lender can ascertain the size of loan they are prepared to make for the property. This valuation usually costs around £130 but this will depend on the size of the property and the detail you require within the report. The survey is also an essential cost, because if it transpires that the property is afflicted by structural problems such as subsidence, dry rot or vermin, there will be no recourse once you own the property. The Home Buyers' Survey and Valuation (HBSV) report will cost from £250 upwards, again this is in relation to the size and value of the property. It is sometimes possible to arrange for an HBSV report to be undertaken by the mortgage companyâ€™s surveyor on the same occasion as the valuation report, this will save you part or all of the valuation fee. You can save as much as £100 - £200 doing this, and if you go to one of the larger lenders they are likely to offer this service.

Stamp Duty

You will also need to pay stamp duty on your property. Some mortgage lenders will offer to pay this for you as an incentive, and there are some properties that have been purpose-built i.e. a block of flats will waive the stamp duty charge, again as an incentive for buyers. Stamp duty exemption has been available since 30th November 2001 for the purchase of property in certain designated disadvantaged areas of the UK, and where the consideration, or premium for a lease, does not exceed £150,000.

Deposit

You will also need to have some savings for a deposit as most mortgage lenders will only offer a mortgage of up to 95% of the property value. You can get a 100% mortgage which will save you from the initial outlay of a deposit, but will cost you a lot more in the long run, with considerably higher monthly repayments.

What Is Conveyancing?

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