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Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

Assuming that you have your financial preparations in place (a mortgage in principle)

Contrary to popular believe, lenders can be flexible

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

Variable Rate Mortgage

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

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

The level of taxation rises according to the property/land price

Investment managers may only be changed on an annual basis

You never know, it could be a deciding factor involved in your decision to purchase or not

YOU CAN APPLY FOR A LOAN WITHOUT LEAVING THIS SITE! the facility to apply online for your personal loan

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

This may significantly increase the chances of your offer being accepted

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

A booking fee will normally be required with the application form

Outline information is available free of charge, by entering a postcode

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them