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The period of borrowing is in excess of say 12 years

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

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

Advantages: Monthly payments can adapt to the level of monthly income you receive

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

A single payment is made to your lender each month covering both the interest charged on the loan as well as the repayment of the outstanding capital

ARLA - The The Association of Residential Letting Agents (ARLA) is a self-regulating body, which is solely concerned with lettings. In the event of unresolved disputes, the ARLA offers arbitration for landlords and tenants who use ARLA member firms. more info: http://www.arla.co.uk Arrangement Fee Sometime referred to as an Application Fee. The fee is an amount of moneylenders charge for arranging a mortgage. It may include administration costs and normally varies from one particular mortgage product to another.

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

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

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

With discount mortgages borrowers need to watch out for ‘payment shock’

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

Interest only

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

Some websites are also offering information about local schools, crime rates, and average property prices

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

The first of these relates to the current market value of the property to which the mortgage relates

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

It should also be noted that whilst a Maxi has a single investment manager for all three elements the Mini ISAs will have an individual manager per element therein

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

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

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