Mortgages

This means an agreement by which the bank or building society lend you money, charged against your title to the propertytechnically you grant a mortgage to the building society in exchange for the loan.

In practice the building societies have standard mortgages deeds which will be sent to you solicitor, who can advise you about this and may well be simultaneously instructed by the building society to represent them. This is a normal procedure and will save more on time and cost than if the society were separately represented.

Once you have repaid the loan the property is out of mortgage and the building society will return the deeds to you.

Mortgage conditions and terms may vary but the most common period certainly for first time buyers; is 20 years. Mortgage repayments are normally monthly with the first payment due one month after you complete the purchase. This will normally be by Standing order or deriect debit from you bank account (whichever you find most convenient ) Please budget carefully and make sure that you always keep up to date with your payments.

We also have a new mortgage calculator See what you can borrow Click here >