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This may mean that you require a scheme which permits lumps sum payments to reduce the mortgage or may be seeking to combine both your current account and mortgage borrowings in the same financial product

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

With Profits – here the monthly premiums are pooled with other investors

The opportunity to take payment holidays without incurring large penalties

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

Making an offer is one of the more stressful parts of buying a home

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

This policy is designed to offer income protection against unemployment, sickness and redundancy

Read all the details on the specification sheet

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

a 5 year discount with a 7 year ERC

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

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

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

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

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis