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It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

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

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

All mortgage lenders require a survey, some more thorough and detailed than others

Having difficulties obtaining a mortgage, because of CCJs, defaults, or arrears? We are experts in finding mortgages and loans for people with poor credit

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

An endowment policy is a commonly used investment product to repay the capital, although there are other alternatives

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

The amount borrowed is subject to an interest charge, which will be quoted as a percentage

Buy to Let Mortgages

This will vary between lenders and products

This rate is known as the Annual Percentage Rate (APR)

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

For more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself

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

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

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

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

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

the rates for telephone applications may be different from those for online applications

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

For example, the variable rate may be 5% with a discount of 1

A valuation of the property is supplied based on the approximate market value of the property