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This is called a collar

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

If you want to continue, find out if the previous buyer had completed the searches or any survey

Lenders will also use credit reference agencies to obtain information about you

The valuation does not represent a detailed inspection

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

Payment holidays are permitted

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

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

It simply informs the seller of your interest

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

The plan holder can then draw a pension from the balance of the fund

Check for built-in appliances

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

Without going into detail to explain this feature the up-shot is that over-paying the mortgage on a monthly or regular basis, even by a relatively small amount, will reduce your mortgage term by years (hence saving payments)

- keeping them all in one place for when you need them

If significant defects are identified, the surveyor may suggest further investigation by an specialist

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

Being hit by an unexpected redemption fee can put a serious dent into your finances

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

Making an offer is one of the more stressful parts of buying a home