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Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

Mortgage lenders require that neither the buyer nor the seller have a bankruptcy notice registered against them

It provides no benefit to you, it is for the lenders protection only

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Requests your deposit

This rate is known as the Annual Percentage Rate (APR)

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

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

If you want to continue, find out if the previous buyer had completed the searches or any survey

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

It may also indicate how genuine the sellers are

You never know, it could be a deciding factor involved in your decision to purchase or not

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

These are more detailed than a lender valuation but they produced on behalf of the applicant

For a mortgage secured on a property, insurance may be required

You may also speak to the seller directly

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

You can choose cover according to your needs

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

This may significantly increase the chances of your offer being accepted

Discounted Rate Mortgage

The seller in turn will most likely invite you to make an offer on or before a closing date

Each case should be taken on its own merits

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

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to

will need to be addressed during this period of pre-contract enquires

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early