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Noise abatement orders

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

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

These will be provided for in the initial agreement

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

The level of taxation rises according to the property/land price

The policy is usually highly portable and allows free movement from lender to lender

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

Investment managers may only be changed on an annual basis

Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

Buyers Market

You can choose cover according to your needs

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

A recommendation of the building/rebuild insurance cover required should also be given

What the search should highlight Any Planning notices

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

Free Valuation or Refund of Valuation A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

The first of these relates to the current market value of the property to which the mortgage relates