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In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

Replacing any damaged, lost or stolen items on a new for old basis

Searches are often one of the major causes of time delay

Without an appraisal, it is going to be difficult to plan ahead

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

Some will allow for bonuses and some will only allow 50% of bonus

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

g Loans for holidays may be restricted to a 12 or 24 month term)

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value

Providing the product has a red apply icon, you can submit your application without leaving our site

The cost of this is therefore to be taken into account when selecting a lender

This is referred to as a ‘redemption overhang’

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

Capped Rate Mortgages

Normally just complete a form online and a price is given

The inspection is limited to comparing the price being paid against similar property in the area and checking the general condition and location of the property

Commonly these will be between 3 and 3

Ask how long has the property been on the market and if there has been a price reduction

Regular checking of the policy fund itself by the borrower and the lender should minimise any risk

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you