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If the variable rate rose to say, 6%, then the rate payable would rise to 4

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

If you are refused a personal loan or wish to make enquiries concerning your own credit file, you can apply to the credit reference agencies for a copy of your credit file

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

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

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

If you completed our application form, it will be passed to your chosen provider in order that they may process it

It is common practice for lenders to pass this charge on to the borrower

You are then free to move into your new home

Without an appraisal, it is going to be difficult to plan ahead

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

Most agents are pretty determined in their approach and will be interested in selling you more than a property

It is worth noting that the average property purchase price in the UK has now hit over £100,000

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

Further fees such as arrangement fees are also frequently experienced with this type of rate

The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

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

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

Written quotations are available on request

Assuming that you have your financial preparations in place (a mortgage in principle)

A previous buyer will only be too happy to get some of the survey costs back