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This policy is designed to offer income protection against unemployment, sickness and redundancy

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

It is normal for lenders to charge up-front fees in the form of booking and/or arrangement fees

Advice on Affording a Mortgage

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

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

At this point a survey will need to be arranged so that a firm and informed offer may be made

A good site will enable you to register your requirements and send you the latest property details by email

12 weeks to go Try starting a notebook to record details

Know which location/s you prefer

A valuation of the property is supplied based on the approximate market value of the property

damp and timber reports, planning consents for alterations and extensions

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

Ask about the reason for the sale

All mortgage lenders require a survey, some more thorough and detailed than others

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

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

See below for a quick guide to secured loans

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

Investment managers may only be changed on an annual basis

It may be that there is more or less demand on a certain type of property or particular estates/areas

The seller in turn will most likely invite you to make an offer on or before a closing date

5%

£200 to a percentage of the loan e

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

Borrowers who anticipate rising interest rates

Contrary to popular believe, lenders can be flexible

Check the plumbing and wiring

For example, setting the price range on your next home

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

It acts as a form of insurance for the lender not the borrower