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Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

Anywhere between 1% and 12% cashback has been available

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

Each year the original capital sum will remain outstanding

If added to the loan then interest is charged over the duration of the loan

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

The definition of income may also change from one mortgage provider to the next

This information is likely to have been given to the seller and will form part of there judgement of your offer

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

damp and timber reports, planning consents for alterations and extensions

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

The cost of the survey is usually between £150 and £300 and provides a more in-depth inspection of a property

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

You can choose cover according to your needs

In either case the difference will need to be found before completion

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

So make sure you get the facts

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

Outline Information is available free of charge, by entering a postcode

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