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Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

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where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

1 week to go Pay all local milk/paper bills. Cancel any services, e.g. window cleaner, milkman, newspaper delivery. Return videos/library books/pick up dry-cleaning. Drain petrol/oil from any garden equipment. Prepare directions for removals company. Confirm final details with them and include contact/mobile numbers for you throughout the day. Make sure all the utilities at your new home will be fully functional for when you move in.

All mortgage lenders require a survey, some more thorough and detailed than others

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

First time buyers looking for security during the first few years of setting up home

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

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

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

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

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

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Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

Ensure that you know how the settlement figure is made up

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

Plan and think ahead

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk