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This may mean that you require a scheme which permits lumps sum payments to reduce the mortgage or may be seeking to combine both your current account and mortgage borrowings in the same financial product

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Booking fees are often non-refundable, so if the mortgage applicant cancels the mortgage application before completion the fee will not be reimbursed

Ask the owner or agent why the sale collapsed

Interest is far more likely to be calculated on a daily basis

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

This had much to do with the amount of properties being repossessed at the time

Set your price range and when you would ideally wish to move

The period an Early Redemption Charge applies can vary

This may be due to a number of factors, but mainly occurs due to the condition of the property

Anywhere between 1% and 12% cashback has been available

Payment is either up front, or added to the overall loan

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

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

This will vary between lenders and products

Before the exchange of contracts, you will have to agree on a date for completion of purchase

This may significantly increase the chances of your offer being accepted

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

A separate life policy will be required in most cases

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

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

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

These will be provided for in the initial agreement

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

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

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

linked with a discount, but pure cashback products are not uncommon

The amount is usually measured in either pounds or months

The investment vehicle is entirely portable and can be taken with you to a new lender no matter how many times you might move