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See below for a quick guide to secured loans

The period of borrowing is for a short period (say less than 12 years) You are nearing retirement and want the security of guaranteeing the repayment of your mortgage

Interest Only Mortgage Advice

This search can take between four and six weeks although many councils process searches in two weeks

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

The investment vehicle is entirely portable and can be taken with you to a new lender no matter how many times you might move

Fixed Rate Mortgage

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

If negotiation is required, these offers and counter offers are known as missives

There has been a previous price reduction on the property

Bankrupt A Corporation, Firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court

This may cover issues such as disputes with neighbours

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

This is also particularly relevant in the case of sealed bids

Which way is the property positioned? East facing rooms will receive more sun in the morning; West-facing rooms will be brighter in the afternoon

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.

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

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

Generally, secured loans are much easier to obtain than unsecured loans

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

the mortgage has to be held for a number of years before the lender breaks into profit

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

With this type of mortgage, interest may be calculated on a daily or weekly basis

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

This may result in the property having to be sold to repay the debt owed