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Especially considering that they had gone to the expense of paying for a building survey

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

Payment holidays are permitted

5 to 3 times joint income

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

If you are not happy with the answer, investigate further or walk away

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

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

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

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As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

Be aware that valuations are just that - they are not a full structural survey

Setting the completion date The standard time between exchange of contracts and completion is four weeks

Considering the current market conditions Excluding the property itself, the current condition of the national market is a significant factor in the process of negotiation

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

The standard period is 14-28 days after exchange

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

Commonly these will be between 3 and 3

Without going into detail to explain this feature the up-shot is that over-paying the mortgage on a monthly or regular basis, even by a relatively small amount, will reduce your mortgage term by years (hence saving payments)

Borrowers who anticipate rising interest rates

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

A separate life policy will be required in most cases

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