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This is widely accepted as the most straightforward of the mortgage options

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

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

coal mining search to check for subsidence; check to see if there are some planned major road developments going through the back garden etc

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

In return for an annual or monthly premium the insurance company will cover the cost of replacing or repairing an item that is lost, stolen or damaged

They are not secured against property or other assets

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

Normally a lender will require a non-refundable booking fee in advance to reserve this option

Subject to your circumstances, you may be able to borrow up to 125% of the property value

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

c) A combination of the above

This may be an expensive choice, as in the vast majority of cases Just are able to significantly reduce your mortgage rate, although it is of course imperative to consider the potential cost of any redemption penalties on your existing mortgage

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Irrespective of movements in the interest rate your monthly payments will not change

If you do have difficulty making your repayments you should seek advice from your lender immediately

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage