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The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

Most insurance companies will have extended buildings cover options which are well worth considering

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

Redemption penalties can prevent restructuring of your mortgage and associated finances

will need to be addressed during this period of pre-contract enquires

Capped Rate Mortgages

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

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

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

Ask about the sellers position

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

a 3 year fixed rate with a 5 year ERC

The process of registration is usually conducted via a solicitor

At this point a survey will need to be arranged so that a firm and informed offer may be made

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

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

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period

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

The purpose of the search is to discover if there are plans for nearby development that could potentially affect the property

Borrowers who anticipate rising interest rates

5% of the value of the property for your conveyancing

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property