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Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

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

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

Most lenders and insurance companies offer a combined Buildings and Contents Policy

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

Again, if you have any concerns about this, your solicitor will be able to advise you

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

Variable Rate Mortgages

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to

If for any reason your application is declined, may be able to direct your application to a provider who can help

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

The capital amount is to be repaid at the end of the period agreed

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

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

On this subject see ‘No Redemption’ and ‘No Overhang’ below

3% of the loan

The process of registration is usually conducted via a solicitor

Plan and think ahead

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property

A previous buyer will only be too happy to get some of the costs back

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

Are there any guarantees not held with the title deeds? i