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If significant defects are identified, the surveyor may suggest further investigation by an specialist

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

Each case should be taken on its own merits

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

What limitations apply to your current mortgage rate

The amount is usually measured in either pounds or months

These will be provided for in the initial agreement

Check this out with your solicitor or lender

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

Another form of insurance is Mortgage Indemnity Guarantee

Not only will an estate agent take you more seriously, but the seller will feel more comfortable and have more confidence that you are not time wasting

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

First Time Home Buyers Buying your first home can be a daunting proposition

The period an Early Redemption Charge applies can vary

Listed below are examples of some of the best deals around

If applicable, a redemption fee will come into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

For a mortgage secured on a property, insurance may be required

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

The agent will be more willing to hand you properties that he can sell quickly or that are in greater demand

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower