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There are many different types of mortgages and there will be one out there that best suits you

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period

On your mortgage statement, normally received annually, you will see that the amount borrowed decreases throughout the term

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

This will contain a number of conditions and other requirements that your solicitor will discuss with you

However should rates decrease the borrower will benefit from lower payments

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

Booking fees are often non-refundable, so if the mortgage applicant cancels the mortgage application before completion the fee will not be reimbursed

You can choose cover according to your needs

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

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

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present