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A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

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

Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

At the end of the policy term there will be a final one off bonus called the terminal bonus which may in some instances represent a large proportion of the borrowers final pay out

In either case the difference will need to be found before completion

Why indexed linked? - As time goes by, the rebuild and repair costs of any property damage are likely to increase, thus if the sum insured does not rise in relation to these, you will end up being under insured

Ask how long has the property been on the market and if there has been a price reduction

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

Disadvantages: Generally the rate will not be competitive in relation to the market

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

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