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Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

If the variable rate rose to say, 6%, then the rate payable would rise to 4

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Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

Look out for fixed features in the garden such as greenhouse, garden sheds, birdbaths, statues etc

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

You do not mind taking some degree of financial risk

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

The money may only be drawn from a pension policy when the policyholder reaches retirement age

The rate will also provide a buffer against increases in the interest rates

Know which location/s you prefer

Solicitors require at least 7-10 days to release the necessary funds

Buildings survey Also known as a structural survey

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

The money is then paid back to the Lender over a fixed period of time together with accrued interest

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

An investor may only hold one of each Mini in any tax year

These will be provided for in the initial agreement

The amount will vary from lender to lender and on the size of the mortgage

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Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

All lenders will insist on buildings insurance as the very minimum

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

There are limits applied to all contributions