Points to Consider

The following points are offered as a guide to some of the aspects that you will need to consider when considering buying or re-mortgaging a home:

• Find a mortgage that you think best suits you and your circumstances
• Check the mortgage rates against the various products available.
• If re-mortgaging, do you have any penalties or costs to your current lender.
• Check the APR (Annual Percentage Rate) and use it to compare against other mortgages.
• Use our Mortgage Calculator to check that the monthly payments are affordable.
• Budget for an amount that you can comfortably afford.
• Find out the costs of stamp duty and estate agency fees (if applicable) in addition Legal fees, Valuation fees and Broker fees should be factored in to your budget.

  ………………………………

• Discuss your requirements with a qualified Mortgage Broker.
• Make full disclosure of all your personal and financial circumstances to your advisor.
• Discuss fully the length term mortgage will last, the monthly costs, and what amounts are due in fees, commissions and costs from the lender. Make sure you are aware of any special features and any penalties or redemption fees.
• Ask your advisor to provide solutions for future financial changes – interest rates can go up, your income can fall; you could lose your job, your family living expenses could increase.
• Discuss the level of Life Assurance cover required, and if you need to increase the levels of cover for yourself, and/or partner. You may also want to consider Income Protection or Critical Illness Cover.
• Ensure that adequate buildings insurance cover is in place.

  ………………………………..

• If you are planning to buy a house, find out about Home Information Packs (HIPS) that may be available (England & Wales).
• Appoint a solicitor that has experience of conveyancing, and find out the costs of legal work.
• Check to see if any home improvements have been carried out and that relevant local authority planning permissions have been granted for these, if you are buying appliances, or other items with the home what guarantees are valid.
• If you plan to use a removal company get at least 2 quotes.
• Make sure you and any other person purchasing the property have made a will.