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The amount borrowed is subject to an interest charge, which will be quoted as a percentage

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

Ask about the sellers position

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

Basically it is any item that is not firmly attached to the house that is counted as a moveable

Be precise when filling out the registration forms

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

Arriving at the property Before knocking, take a few moments to observe your first impressions

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

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

The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur

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

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

Ensure that you know how the settlement figure is made up

Lenders will also use credit reference agencies to obtain information about you

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

If you are not happy with the answer, investigate further or walk away

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

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

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

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

At least you then have the information regarding how the seller would rather proceed

Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser