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So we know our specialist advisers can provide you with the mortgage that best suits your needs

Be precise when filling out the registration forms

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

The freedom to make additional payments up to the annual limits

Redemption penalties can prevent restructuring of your mortgage and associated finances

Being hit by an unexpected redemption fee can put a serious dent into your finances

Some sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

If remedial work is required ask the owner if they have had any quotes

Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid

Plan and think ahead

Much depends on the agent, the seller and your confidence in your negotiation skills

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

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

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

Repayment Mortgages UK

This search can take between four and six weeks although many councils process searches in two weeks

Once the ruling has taken place it will be recorded against the persons credit history and will appear every time a credit search is done for the next seven years

Whereas in Scotland, the survey is completed before making a formal offer

On your mortgage statement, normally received annually, you will see that the amount borrowed decreases throughout the term

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

However in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

This will vary between lenders and products

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal