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If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

If you have a mortgage, the lender will insist that you take out this type of policy

Conditional planning permissions granted

Redemption penalties can prevent restructuring of your mortgage and associated finances

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

5%

Buildings survey Also known as a structural survey

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

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

Each year the amount owed will decline

First time buyers looking for security during the first few years of setting up home

These are more detailed than a lender valuation but they produced on behalf of the applicant

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

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

Written quotations are available on request