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It acts as a form of insurance for the lender not the borrower

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

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

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

For a mortgage secured on a property, insurance may be required

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

Sewers and drainage

Ask about the sellers position

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

These are often referred to as credit scoring facilities

This had much to do with the amount of properties being repossessed at the time

The amounts can range from a flat fee e

Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

The way lenders quote interest rates varies

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

In such cases there are three possible routes of action that may be of help

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

There are limits applied to all contributions

Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

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

All lenders base their mortgage range around their variable rate of interest

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.