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With this type of mortgage, only the interest is paid off with each mortgage payment

It will cover problems such as collapse or serious distortion of floor joists or the roof

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

Only one Maxi individual savings account may be held in any one tax year

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

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Investment managers may only be changed on an annual basis

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

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

There are two main factors that influence the amount you are able to borrow

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

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

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Receives search results and deals with any problems revealed

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

No further funds can now be put into Personal Equity Plans

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Some short term discount products offer a ‘deep discount’ e