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Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

If the property was purchased outright, the buyer keeps the deeds

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

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

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

It may also give you a good indication regarding the seriousness of intent to sell

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

Arrangement fees are common on fixed and capped rate mortgages

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

(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

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

For a borrower wanting one home for their finances this is an attractive option

The plan holder can then draw a pension from the balance of the fund

In such cases there are three possible routes of action that may be of help

If you are unsure, talk to local estate agents and solicitors

A separate life policy will be required in most cases

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to

Flexible mortgage rates overcome this problem by allowing the borrower to make both over and underpayments into the account

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

The period of borrowing is in excess of say 12 years

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.