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

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

Another form of insurance is Mortgage Indemnity Guarantee

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

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

Check this out with your solicitor or lender

In most cases, it is simply not worth it

Capped Rate Mortgages

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

A survey carried out by the mortgage lender should indicate what sum to insure

We have a Support Team who can be contacted by telephone should you require any further assistance along the way

Much depends on the agent, the seller and your confidence in your negotiation skills

More detailed reports are also available for a small fee

Flexible mortgage Cashback Fixed Discounted Capped

Although both may vary, a deposit of between 5% and 10% is common, as is completion 28 days after exchange

This may be due to a number of factors, but mainly occurs due to the condition of the property

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

Discounted Rate Mortgage

Fortunately there are a number of mortgage deals promoted by lenders aimed specifically at first time buyers

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

5%

Gain an advantage view point of the roof - Does it bow or are there any tiles missing? Are there signs of any glass being recently replaced or damage to external doors? Possibly indicating signs of break-in

The amounts can range from a flat fee e

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

Bankrupt A Corporation, Firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

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