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

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

the mortgage balance minus the positive balance held in the current account

At the very least a mobile phone

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

The period an Early Redemption Charge applies can vary

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

It may also indicate how genuine the sellers are

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

The period of borrowing is in excess of say 12 years

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

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However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

The amount borrowed is repaid monthly over a term agreed at the outset, which will usually range between three years and twenty five years

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There are some important facts to understand about the mortgage indemnity charge

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

a 5 year discount with a 7 year ERC

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction