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Fortunately there are a number of mortgage deals promoted by lenders aimed specifically at first time buyers

The way lenders quote interest rates varies

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

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

Compulsory purchase orders

Some sites are also offering information about local schools, crime rates, and average property prices

These are more detailed than a lender valuation but they produced on behalf of the applicant

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

Be aware that valuations are just that - they are not a full structural survey

These are often referred to as credit scoring facilities

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account

This is also particularly relevant in the case of sealed bids

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

Poor Credit history can include County Court Judgements(CCJ), Bankruptcy, Mortgage arrears or any late payments on credit arrangements

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.

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

A flexible mortgage linked to a current account

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

Individuals on tight budgets expecting wage increases over the first few years of the mortgage