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If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

This mainly occurs in a sellers market or where the property is of rare value

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

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

Booking fees are often non-refundable, so if the mortgage applicant cancels the mortgage application before completion the fee will not be reimbursed

The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

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

Borrowers with new loans only get the interest paid after waiting for nine months

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Advice on Affording a Mortgage

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

Exposure to interest rate rises

See below for more information about these features

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

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

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

It will cover problems such as collapse or serious distortion of floor joists or the roof