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Endowments provide life assurance so that in the event of death the mortgage is paid off

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

a first-come, first-served fixed rate

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

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

Larger borrowings

(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

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

The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

The market conditions are in your favour (see details above)

damp and timber reports, planning consents for alterations and extensions

Possibility of losing out should interest rates fall below your agreed rate

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

1 week to go Pay all local milk/paper bills. Cancel any services, e.g. window cleaner, milkman, newspaper delivery. Return videos/library books/pick up dry-cleaning. Drain petrol/oil from any garden equipment. Prepare directions for removals company. Confirm final details with them and include contact/mobile numbers for you throughout the day. Make sure all the utilities at your new home will be fully functional for when you move in.

Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

Are there any guarantees not held with the title deeds? i

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

There is no guarantee with this type of mortgage

When registration is complete, the title deed to your lender for safekeeping

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance