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A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

A flexible mortgage linked to a current account

This may cover issues such as disputes with neighbours

At anytime of the day or night

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

The typical cost is £50 to £100 and the search is conducted by a solicitor

The money is then paid back to the Lender over a fixed period of time together with accrued interest

This is not an obligation to purchase the property

Receives search results and deals with any problems revealed

The opportunity to take payment holidays without incurring large penalties

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

If the plan is not reaching its expected target, the borrower can increase payments into the policy or invest in another product to cover any anticipated shortfall

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

Ask how long has the property been on the market and if there has been a price reduction

Some will allow for bonuses and some will only allow 50% of bonus

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

Once all documentation is in order (after checking with you and your lender) the solicitor will send the title deeds for recording in the Register of Sassines or registration in the Land Register of Scotland

Making an offer is one of the more stressful parts of buying a home

Check the plumbing and wiring

This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Save £s on your buildings and home contents insurance

Generally anything between 1 and 25 year fixed rates are available

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

It acts as a form of insurance for the lender not the borrower

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget