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When viewing we always suggest taking someone with you for a second opinion as well as your own safety

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

Compare the property with surrounding properties

Disadvantages: Unexpected increases in payments at term end

APR may vary

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

The key thing is to talk with your lender

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

(Gazumping)

After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

If using a removal firm we suggest obtaining several quotes first

It can be done, but much depends on the lender

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

It is worth noting that the shorter you make the administrative process, the more organised you will need to be

The period of borrowing is in excess of say 12 years

5% of the value of the property for your conveyancing

Therefore, a reputable agent will forward all offers to their client even if these are made after an offer has been accepted