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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

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Examine these policies carefully

This is the rate that they apply to all their borrowers before making adjustments for any special offers that may be available at the time and should be examined in every case before making the final decision regarding the choice of lender

Borrowers who anticipate rising interest rates

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

Imagine each room empty

The lender can give you a settlement figure, normally over the phone

The period of borrowing is in excess of say 12 years

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

Redemption penalties can prevent restructuring of your mortgage and associated finances

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

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

In this case the lender agrees to release the amount withheld over a staged period of time after satisfactory completion and in most cases inspection of the remedial work

A separate life policy will be required in most cases

We recommend taking a look at homecheck

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

The seller in turn will most likely invite you to make an offer on or before a closing date

Your mortgage lender will insist on a property survey before approving your mortgage

The opportunity to take payment holidays without incurring large penalties

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

All formal letters and missives go to create the contract

This will contain a number of conditions and other requirements that your solicitor will discuss with you

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

When viewing a property ask the question and try to establish a rapport with the seller

How long they been there and have there been any disputes? Internal Observations Does the property have central heating? If so, check when it was installed and last serviced

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

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