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Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

Exposure to interest rates

The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

Check it out and see how the neighbourhood is rated

Be prepared

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

This is usually linked to the amount of cashback provided

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

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

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

Irrespective of movements in the interest rate your monthly payments will not change

Negotiating face to face can be a very effective tactic

These are more detailed than a lender valuation but they produced on behalf of the applicant

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

Self Certification Mortgages

Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

Sometimes capped mortgages have a level below which interest rates cannot fall

We specialise in helping people who find it difficult to obtain a mortgage or loan

Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

Base Rate Tracker Mortgages

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

The interest rate can fluctuate and is not fixed at the initial rate of interest

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

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

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license