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What is a mortgage?

A mortgage is a financial scheme that is taken out by individuals or couples of all ages and a process undertaken by people who wish to slowly pay off the cost of their property. A mortgage loan is given by a bank or building society who charge additional interest. The individual or couple that are investing in the property will pay a certain amount towards the loan every single month. The paying off of the loan will often start with paying off of interest. The amount of money borrowed with the loan is known as the principal. Interest is the amount of money the institute providing the loan charge. Interest and taxes are typically involved within a mortgage, however there is an option that does not include this.

Loans that do not involve interest and taxes are less per month, which can be initially attractive to the buyer, however the lack of these aspects means the prospect of the individual or couple having to pay these off individually, which can be a strain financially. The aim of a mortgage is to make the prospect of an overwhelming loan easier for the prospective buyer, breaking down the lump sum to a monthly one can make the whole process less financially draining. Only a small percentage of potential buyers pay an upfront cost, although property developers or well financed individuals or business partners may opt for this option, it is less common. Young individuals or couples may opt for further financial help when deciding to invest in their first property, such as the government’s new ‘help to buy scheme’, that has been developed within recent years.

What is a mortgage solicitor?

A mortgage solicitor or a conveyancer is an individual who helps you with a mortgage scheme. These individuals are well aware of recent property developments and changes within the industry and aim to provide assistance either legally (in terms of solicitors) or simply with helping to track the progress of a transaction. Conveyancers are not able to offer further legal advice in the same way as solicitors can, which is a reason as to why some individuals my opt for a mortgage solicitor rather than a conveyancer.

A conveyancer role in recent years has progressed along with modern technology. Online conveyancer services are now widely available, however this may not be an option for individuals who wish to have consistent and personal interaction with a conveyancer.

Mortgage solicitors and conveyancers aim to deal with the documentation and financial aspect of a mortgage transaction. A mortgage solicitor is able to advise you of all legal aspects of a transaction. Mortgage solicitors in London aim to inform you of every step of the financial transaction. Investing in a property can be very financially and emotionally draining, and investing in a mortgage solicitor or a conveyancer can help eliminate further additional stress. There are several hiccups and mishaps that can be involved within the property transactional process, such as a buyer pulling out or a change in the agreed buying price. Mortgage solicitors maintain communication with their clients throughout the process to help ease the stress of property transactions.