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In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

If significant defects are identified, the surveyor may suggest further investigation by an specialist

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Offers are invited above the stated price

This is covered above

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

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

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

Title searches at the Land Registry will also be carried out

You are then free to move into your new home

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

Arriving at the property Before knocking, take a few moments to observe your first impressions

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

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

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

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

Disadvantages: Generally the rate will not be competitive in relation to the market