Residential Mortgage

When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

Introductory deals normally last for between two and five years. Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.

So when your introductory period ends, your financial adviser can look at the market to see if switching to a new mortgage deal will save you money.

Property Valuation

Bear in mind that when you apply for a mortgage, the lender’s valuation may just involve checking the outside of the property from the street.

If you think the valuation is much too low – and that you’re losing out on a better rate as a result – ask the lender to reconsider.

To support your case, you could provide evidence of the sale price of a few similar properties in your area and, if relevant, list the cost of any expensive home improvements you’ve carried out.

Legal Services

The first question you’ll be asked when you put in an offer on a property is the name and contact details of your solicitor or licensed conveyancer. Conveyancing is the legal term for transferring ownership of property, whether you are buying or selling.

A solicitor or conveyancer will carry out local council searches, draw up the contract, deal with the Land Registry and transfer the funds to pay for your property.  

A good professional will keep you updated regularly, and provide council and technical support throughout the whole process.