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Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

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

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

Therefore, a reputable agent will forward all offers to their client even if these are made after an offer has been accepted

Examine these policies carefully

29% 2 year fixed fee free, no extended ties

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Demand for housing is higher than the property available

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

All lenders base their mortgage range around their variable rate of interest

c) A combination of the above

For more information please see:: Dealing with adverse valuations Recently built homes Most new houses have a National House Building Council (NHBC) Certificate

Investment managers may only be changed on an annual basis

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

Current Account Mortgage (CAM)

5% of the value of the property for your conveyancing

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

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

conducts a local authority search to highlight planning, financial and other charges affecting the property

(Gazumping)

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Buildings survey Also known as a structural survey

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

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

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Personal loans are repayable monthly