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

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The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

The period of borrowing is in excess of say 12 years

It simply informs the seller of your interest

All mortgage lenders require a survey, some more thorough and detailed than others

Disadvantages: Generally the rate will not be competitive in relation to the market

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

A single payment is made to your lender each month covering both the interest charged on the loan as well as the repayment of the outstanding capital

Be prepared

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

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 sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

This could end up saving you time and money

The plan holder can then draw a pension from the balance of the fund

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

At the end of the policy term there will be a final one off bonus called the terminal bonus which may in some instances represent a large proportion of the borrowers final pay out

2% fees-free offset mortgage

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

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

5 to 3 times joint income

Read all the details on the specification sheet

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

5% on a normal lending limit of 75% loan to value

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

A valuation of the property is supplied based on the approximate market value of the property

Stamp Duty becomes payable at the time of completion/taking entry and is normally made via a solicitor

They are more expensive than the lenders valuation

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

The skilled agent will ask a series of questions that determine how serious you are, what properties will be of interest, what else they can sell to you and how quickly they can do it

They are not secured against property or other assets