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The cost of the survey is usually between £150 and £300 and provides a more in-depth inspection of a property

insurance and finance

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

Irrespective of movements in the interest rate your monthly payments will not change

The period of borrowing is in excess of say 12 years

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

It is important to note that the valuation is carried out on behalf of the lender – not the mortgage applicants! Frequently lenders include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

Proceedings relating to any infringement of building regulations

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

Individuals utilising short-term finance arrangements to provide their deposit

Interest is far more likely to be calculated on a daily basis

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

If remedial work is required ask the owner if they have had any quotes

UK Pensions Advice

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

Buy to Let Mortgages

Look out for fixed features in the garden such as greenhouse, garden sheds, birdbaths, statues etc

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

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

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

Most agents are pretty determined in their approach and will be interested in selling you more than a property

They will also find that the mortgages they can get will be at a higher interest rate

These will be provided for in the initial agreement

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

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

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