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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

Receive replies to questions raised and reports to you with the contract for signing

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

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

Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

Receives search results and deals with any problems revealed

Base Rate Tracker Mortgages

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

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

See FAQs for more details

you as a loyal customer with a new loan

If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost £thousands (6 months interest is common) depending on the lender and scheme

Note, the fee is usually non-refundable

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

Most insurance companies will have extended buildings cover options which are well worth considering

Negotiating face to face can be a very effective tactic

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

The market conditions are in your favour (see details above)

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

Discounted Rate Mortgage

It may be that administration charges, mortgage indemnity insurance, or building and contents insurance costs have been added to the amount you originally borrowed

In many cases if approached sensibly, a happy medium can be reached

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment