Last year, a survey of 1,000 sales in the UK revealed that nearly half of the properties involved were down valued. But what does this mean exactly and what can you do if it happens to you? Read on to get up-to-date with down-valuations. A down-valuation is when a mortgage lender’s surveyor values a property lower than the current owner expects it to be valued at. It’s more common when it comes to homeowners remortgaging their existing home and putting in a slightly hopeful v
Specialist lending is a phrase you might hear batted about by mortgage advisers, but what does it mean? And if someone’s suggested it as an option for you, you might be wondering if it’s a bad thing. Well, here is our guide to everything specialist lending. Lending is generally split into high-street or specialist, so specialist lending simply means receiving a mortgage loan from a lender who isn’t a high-street bank or building society. The difference between the two is that
Critical illness cover and income protection are often confused, with many people assuming if they have one, they don’t need the other. However, these policies and the cover they provide do offer different benefits, so let us explain the difference, and why it’s often worth having both. What is critical illness cover? Critical illness cover is a type of protection that pays out a tax-free lump sum if you are diagnosed with a critical illness covered by the policy. The most c
Loan to income and loan to value (or LTV) are phrases you often hear in the mortgage industry. The two terms are easy to mix up, understandably, but they are very different. It’s important to know the difference because both loan to income and loan to value are key factors used to determine how much you can borrow for a mortgage. Recently, there’s been a surge in lenders offering 95% LTV products aka mortgages you only need a 5% deposit for. Loan to value means the amount of
SHOULD I GET A PRIVATE SURVEY ? Unless you are buying a new build, you should definitely look at getting private survey. WHAT IS A MEMORANDUM OF SALE? A memorandum of sale is a document that is sent out by the estate agent, to both the buyer and seller and their conveyancers informing them of the details of the sale. It marks the beginning of the legal process. HOW MANY SEARCHES ARE THERE? The number of searches you need to pay for will depend on the property you at buying.