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This will prove handy at the time of making an offer

The period of borrowing is in excess of say 12 years

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

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

First and most important: If you have a property to sell, obligation a free appraisal from more than one estate agent

Therefore, a reputable agent will forward all offers to their client even if these are made after an offer has been accepted

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

The second influence on the amount you can borrow is your current level of income

Existing endowments can be used to support a new mortgage with any ‘additional lending’ over the value of the projected maturity balance being covered on a repayment basis or with an alternative repayment vehicle

Variable Rate Mortgage

Find out what else is included in the sale

Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

Solicitors require at least 7-10 days to release the necessary funds

The way lenders quote interest rates varies

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

Written quotations are available on request

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

The key thing is to talk with your lender

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

In such cases there are three possible routes of action that may be of help

Depending on the amount of loan and the LTV the Mortgage Indemnity Guarantee charge can be a significant cost e

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

They provide a detailed analysis of your financial position

Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

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

Pay particular attention to buildings insurance