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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

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Some sites are also offering information about local schools, crime rates, and average property prices

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

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

rooms, style, new or old etc

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

It is worth noting that the average property purchase price in the UK has now hit over £100,000

Negotiating face to face can be a very effective tactic

Ability to benefit from rate cuts as they occur

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

There is no guarantee with this type of mortgage

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

Once all documentation is in order (after checking with you and your lender) the solicitor will send the title deeds for recording in the Register of Sassines or registration in the Land Register of Scotland

If so, ask how they were damaged or why replaced

The seller needs to move fast

You will be kept up-to-date on the progress of your application by e-mail

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately