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Negotiating face to face can be a very effective tactic

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

A booking fee will normally be required with the application form

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

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

Your local borough council or solicitor will be able to provide you with the exact cost

This may significantly increase the chances of your offer being accepted

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

More detailed reports are also available for a small fee

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

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

They are more expensive than the lenders valuation

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

In either case, having prepared the ground an agent will notice that you have put some work into sorting a few thing out, thus take you seriously

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

Compulsory purchase orders

All lenders will insist on buildings insurance as the very minimum

Often it may require obtaining quotations for any remedial work required to form the basis of any negotiation on price

They are also useful for larger amounts or where the applicant requires a longer repayment period

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years