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However, most vendors are reluctant to take the hit on the full amount

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

The earlier you contact them, the more sympathetic they are likely to be

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

Whether the property is a listed building or in a conservation area

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

Variable Rate Mortgage

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

Check to see if this applies with your lender or solicitor

5 to 3 times joint income

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

We have a Support Team who can be contacted by telephone should you require any further assistance along the way

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

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

Advice on Affording a Mortgage

How long they been there and have there been any disputes? Internal Observations Does the property have central heating? If so, check when it was installed and last serviced

The policy is usually highly portable and allows free movement from lender to lender

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

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

This tends to be between £25 - £50 and may be avoided if enough objections were made

Current Account Mortgage (CAM)

If a redemption fee does apply, all is not lost