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5 times a single salary and 2

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

Individuals on a tight budget expecting wage increases over the first few years of the mortgage

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

£200 to a percentage of the loan e

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

All lenders base their mortgage range around their variable rate of interest

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

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

Again, if you have any concerns about this, your solicitor will be able to advise you

Unfortunately not all estate agents are ethical in this area

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

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

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

The Maxi individual savings accounts combine three basic elements in one plan, with a limit of £5,000 (£7,000 in the current tax year) being placed on the investment

Written quotations are available on request