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Possibility of losing out should interest rates fall below your agreed rate

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

This is referred to as a ‘redemption overhang’

5%

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

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

We are experts in finding mortgages and loans for people with a problem, or poor credit history

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

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)

Just offer independent advice with regard to over 4,600 mortgage products

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

the mortgage has to be held for a number of years before the lender breaks into profit

Most lenders have a different name for this charge i

Try not to widen your search in too much

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

Individuals utilising short-term finance arrangements to provide their deposit

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

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

(Gazumping)

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

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

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

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

Whether the property is a listed building or in a conservation area

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually