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Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

Watch out – the ERC can sometimes last longer than the fixed rate period e

So ask and make it a condition of any offer

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

damp and timber reports, planning consents for alterations and extensions

Your solicitor should be able to advise you on the current search time

They will also find that the mortgages they can get will be at a higher interest rate

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 may also indicate how genuine the sellers are

If asked, the seller will let you know how they would like to proceed

will need to be addressed during this period of pre-contract enquires

They deal with surveyors every day and should be able to recommend a good one

This is called a collar

Check to see if this applies with your lender or solicitor

Overtime and commission may be treated similarly

Borrowers confident that the mortgage rate is likely to fall

It can be done, but much depends on the lender

It is important to note that this is not an official search

A previous buyer will only be too happy to get some of the costs back

The period an Early Redemption Charge applies can vary

Free Valuation or Refund of Valuation A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes

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

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

It simply informs the seller of your interest

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

The level of taxation rises according to the property/land price