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However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

For example, the variable rate may be 5% with a discount of 1

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage

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

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

This tends to be between £25 - £50 and may be avoided if enough objections were made

damp and timber reports, planning consents for alterations and extensions

There is potential for higher returns than endowments

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

Ensure that you know how the settlement figure is made up

The way lenders quote interest rates varies

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

The plan holder can then draw a pension from the balance of the fund

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

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

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

Pay particular attention to buildings insurance

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

5%

In summary you will find numerous different methods of calculating the maximum LTV but the figure once stated is usually non-negotiable

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

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

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

However in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

Exposure to interest rate rises

Generally, secured loans are much easier to obtain than unsecured loans