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Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

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

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

Suitability: The flexible mortgage option is suitable in a number of circumstances the most common being those identified below: Self employed or contract workers

Suitability: A variable rate mortgage is the most suitable option in a limited number of circumstances the most common being those identified below: Individuals borrowing money over the very short term anticipating repaying the loan early and not wishing to incur redemption penalties on all or part of the loan

Your solicitor should be able to advise you on the current search time

First Time Home Buyers Buying your first home can be a daunting proposition

So make sure you get the facts

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

If you are mortgaging the purchase of your property then the lender will make it a condition that you take out their Mortgage Indemnity Insurance

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Switching between provider can only be completed on an annual basis and penalties may be incurred

Buildings survey Also known as a structural survey

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)