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Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

This may result in the property having to be sold to repay the debt owed

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

Whether the property is a listed building or in a conservation area

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

It is important to note that the valuation is carried out on behalf of the lender – not the mortgage applicants! Frequently lenders include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

Obviously, neighbours have the potential of making your life absolute hell; So if you have a doubts do not be afraid to ask

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

In many cases if approached sensibly, a happy medium can be reached

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

Offers are invited above the stated price

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

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

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

Sometimes capped mortgages have a level below which interest rates cannot fall

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

5%

A booking fee is paid to reserve funds on a mortgage product that has limited funds available e

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional

A Guide to Secured Home-Owner Loans A secured loan is any loan that requires the borrower to provide the lender with some form of security

the rates for telephone applications may be different from those for online applications

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property