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Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

Normally a lender will require a non-refundable booking fee in advance to reserve this option

All mortgage lenders require an official search to be carried out

Ask why the current owners are selling the property

With discount mortgages borrowers need to watch out for ‘payment shock’

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

This service is subject to a small fee, and is available by contacting: Experian Ltd Online: wwwukexperiancom/consumer Telephone: 0870 241 6212 Post: Consumer Service Help Centre Experian Ltd PO BOX 8000 Nottingham NG1 5GX Equifax PLC Online: wwwequifaxcouk Telephone: 0870 010 0583 Post: Credit File Advice Centre PO BOX 3001 Glasgow G81 2DT If you are experiencing problems with your credit you may wish to contact the following companies for some help and advice

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

With this type of mortgage, only the interest is paid off with each mortgage payment

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

Your local agent can give you a good idea here

Each year the amount owed will decline

Ask about the reason for the sale

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

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

It may be that administration charges, mortgage indemnity insurance, or building and contents insurance costs have been added to the amount you originally borrowed

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage