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This may include: Accidental building damage, for example spilling paint down a wall or on your patio

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

Assessments are generally made very quickly based on your personal circumstances

There is a wide range of contents insurance options and packages on the market

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

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

Switching between provider can only be completed on an annual basis and penalties may be incurred

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

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These are often referred to as credit scoring facilities

This is covered above

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

Ask about the reason for the sale

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

This may result in the property having to be sold to repay the debt owed

The increased flexibility inherent within the repayment vehicle can lead to shortfalls in relation to the amounts required owing to withdrawals having been made

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

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