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The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

Some sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

For more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself

In summary you will find numerous different methods of calculating the maximum LTV but the figure once stated is usually non-negotiable

Put the owner on the spot and see what reaction you get

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

A previous buyer will only be too happy to get some of the survey costs back

Without going into detail to explain this feature the up-shot is that over-paying the mortgage on a monthly or regular basis, even by a relatively small amount, will reduce your mortgage term by years (hence saving payments)

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

What limitations apply to your current mortgage rate

In either case, having prepared the ground an agent will notice that you have put some work into sorting a few thing out, thus take you seriously

This is not an obligation to purchase the property

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

There has been a previous price reduction on the property

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

You are then free to move into your new home

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

Understandably this is due to protecting their investment

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

It is worth noting that the average property purchase price in the UK has now hit over £100,000