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It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

Indeed with enough credit you can take a payment holiday

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

First Time Home Buyers Buying your first home can be a daunting proposition

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

3% of the loan

First and most important: If you have a property to sell, obligation a free appraisal from more than one estate agent

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

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

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

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

Any changes in the Bank of England base rate will be directly reflected in the monthly mortgage payments

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

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

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

The period of borrowing is in excess of say 12 years

Preliminary Observations Ask about the cost of council tax and utilities with the seller

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

Variable Rate Mortgage

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

This will depend on future investment performance

More detailed reports are also available for a small fee

How long does your present fixed, discounted or capped rate last for

Generally, secured loans are much easier to obtain than unsecured loans