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There are many different types of mortgages and there will be one out there that best suits you

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

Buy to Let Mortgages

It may be that there is more or less demand on a certain type of property or particular estates/areas

The valuation does not represent a detailed inspection

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

You have an offer on your property - The further into the processes of selling your home, the better

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

Conditional planning permissions granted

In many cases, lenders offer different rates depending on the method by which you apply

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

A survey carried out by the mortgage lender should indicate what sum to insure

Ask about the reason for the sale

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

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

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

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

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

These are often referred to as credit scoring facilities

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

Most lenders and insurance companies offer a combined Buildings and Contents Policy

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions