Description
A Practical Guide to Mortgages and Buying a Home in the UK
Mortgages can feel complicated because buying a home combines lending, affordability checks, property valuation, surveys, legal work, insurance, tax and completion.
Understanding Mortgages breaks that process into clear stages so buyers can understand what is happening, what documents are needed and what questions to ask.
The guide follows the journey from preparation and Mortgage in Principle through property search, conveyancing, mortgage offer, exchange or missives, completion and long-term ownership.
Understand What a Mortgage Really Is
The guide explains the basic building blocks of a UK mortgage:
- principal
- interest
- term
- interest rate
- repayment mortgages
- interest-only borrowing
- the lender’s legal security over the property
It also explains that the cost of homeownership goes beyond the mortgage payment, with expenses such as insurance, transaction tax, Council Tax or rates, service charges, repairs and maintenance.
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