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They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

The key advantage is that you should be able to track the process of the purchase online

Be aware that valuations are just that - they are not a full structural survey

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

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

The redemption fee payable is often up to six times the currently monthly repayments

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

Individuals utilising short-term finance arrangements to provide their deposit

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

There has been a previous price reduction on the property

A separate life policy will be required in most cases

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

The redemption fee payable is often up to six times you currently monthly repayments

Ask about the reason for the sale

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

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

This protects the lender in case you do not repay the loan and your home has to be repossessed

c) A combination of the above

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

Proposed road works within 200 meters of the property

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

Overtime and commission may be treated similarly

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

The law on moveables is quite complex

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

(Gazumping)

Your mortgage lender will insist on a property survey before approving your mortgage

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time