What can you afford?
Your adviser will help you work out how much you can afford to pay for your mortgage and associated costs. He/she may ask you to complete an income and expenditure analysis form where you write down what money you have coming in and what you spend each month. Be realistic as it is very important to establish what you can afford now and in the future. Think about any changes that may affect this e.g. new child, or retirement.
Calculate how much money you have available to pay for the costs associated with buying a house and to put towards the property purchase (your deposit). Remember to allocate funds for any work that you may want to do to your new property. Normally the bigger your deposit the better the choice of mortgages available to you.
At the end of your mortgage
On completion of the mortgage term, you may be liable for the following fees:
- Deeds release fee
Fee charged by the lender for releasing its charge over the deeds of the mortgaged property and returning them to the client or his/her solicitor.
- Mortgage discharge
A fee charged by the lender to release its charge over a property following the repayment of a mortgage.
Early Repayment
For certain mortgages (such as capped, fixed or discounted loans) a charge may apply if you pay off your mortgage early. These are normally called 'Early Repayment Charges'. If any early repayment charges apply to your mortgage application they will be explained to you.
