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If you are obtaining a mortgage then your solicitor will need to prepare a Standard Security, giving your mortgage provider certain rights over the property

In summary you will find numerous different methods of calculating the maximum LTV but the figure once stated is usually non-negotiable

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

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

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’)

Capped Rate Mortgage

APR may vary

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

Buildings survey Also known as a structural survey

There are many different types of mortgages and there will be one out there that best suits you

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

Further fees such as arrangement fees are also frequently experienced with this type of rate

Compulsory purchase orders

5%

Be prepared

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

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

An endowment policy is a commonly used investment product to repay the capital, although there are other alternatives

This may cover issues such as disputes with neighbours

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

Arriving at the property Before knocking, take a few moments to observe your first impressions

The amount is usually measured in either pounds or months