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Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

At the very least a mobile phone

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

This may have the effect of reducing the length of time it takes to repay your mortgage

Personal loans are repayable monthly

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

Without going into detail to explain this feature the up-shot is that over-paying the mortgage on a monthly or regular basis, even by a relatively small amount, will reduce your mortgage term by years (hence saving payments)

On this subject see ‘No Redemption’ and ‘No Overhang’ below

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

This may reveal other factors that will not appear on any formal search

If you want to continue, find out if the previous buyer had completed the searches or any survey

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

The redemption fee payable is often up to six times you currently monthly repayments

It simply informs the seller of your interest

If remedial work is required ask the owner if they have had any quotes