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The potential for your rate to reduce unlike the fixed rate mortgage

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

They deal with surveyors every day and should be able to recommend a good one

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With this type of mortgage, only the interest is paid off with each mortgage payment

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

Individuals on a tight budget expecting wage increases over the first few years of the mortgage

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

See FAQs for more details

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

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

Know which location/s you prefer

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

If applicable, a redemption fee will come into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

If the property was purchased outright, the buyer keeps the deeds

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

Examine these policies carefully

This is referred to as a ‘redemption overhang’

Current Account Mortgage

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

The interest rate can fluctuate and is not fixed at the initial rate of interest

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

This may cover issues such as disputes with neighbours

Surveys come in three forms: Valuations, usually undertaken by the lender

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

Variable Rate Mortgages

Liaises with relevant parties and negotiates a date for completion

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)