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Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

The amount will vary from lender to lender and on the size of the mortgage

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term

The capital amount is to be repaid at the end of the period agreed

There are many reasons why a seller may want a quick sale

They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

Advantages: Monthly payments can adapt to the level of monthly income you receive

Listing all the contacts involved in the move

On this subject see ‘No Redemption’ and ‘No Overhang’ below

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

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

APR may vary

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

A previous buyer will only be too happy to get some of the costs back

Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

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

The process of registration is usually conducted via a solicitor

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

With this type of mortgage, only the interest is paid off with each mortgage payment

Check the plumbing and wiring

Other factors may well be involved

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

This will prove handy at the time of making an offer

Fortunately there are a number of mortgage deals promoted by lenders aimed specifically at first time buyers

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

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