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It may be that administration charges, mortgage indemnity insurance, or building and contents insurance costs have been added to the amount you originally borrowed

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

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

The period of borrowing is in excess of say 12 years

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

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

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

Check this out with your solicitor or lender

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

linked with a discount, but pure cashback products are not uncommon

There are limits applied to all contributions

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

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

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

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

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

Whereas in Scotland, the survey is completed before making a formal offer

conducts a local authority search to highlight planning, financial and other charges affecting the property

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction

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

However in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

Demand for housing is higher than the property available