@PBS / SECURE LOGINWe will always carry out a valuation survey to check whether the property is worth roughly the amount you’re paying for it. You should always consider arranging your own survey too, to check for structural problems.
The interest rate on your mortgage tracks the Bank of England base rate at a set margin above or below it. The Society does not presently offer tracker mortgages.
This is the period during which you are ‘locked in’ to your mortgage deal. You’ll have to pay an early repayment charge if you leave your mortgage during this period. Avoid mortgages that tie you in after your introductory rate has ended.
When a customer moves to a new mortgage with the same lender, e.g. their fixed rate period ends and they move to a discount rate mortgage.
A sub-prime, or non-conforming, mortgage is geared towards people who have had credit problems. It is much harder to get a sub-prime mortgage than before the credit crunch of 2008.
An SVR mortgage or a scheme that is linked to the Society’s SVR, means that your payments can go up or down according to changes in interest rates. The Society’s SVR may also be the rate you will be charged after your initial mortgage deal period ends. This could be higher or lower than your […]
Stamp duty land tax (SDLT) is payable when you buy a property for more than £125,000 (or £40,000 if it’s a buy-to-let property or second home).
You buy a share of a property (usually between 25% and 75%) and pay rent on the remaining share, which is owned by the local housing association.
If you are purchasing a Leasehold property, you are likely to be responsible for management and service charges. This information should be available from the selling agent or the vendor.
Originally intended to enable tenants of council houses to buy the homes they lived in, this is now being opened up to housing association tenants too.