adverse credit, home mortgage

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Save £s on your buildings and home contents insurance

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

Try not to widen your search in too much

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Possibility of losing out should interest rates fall below your agreed rate

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

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

All lenders base their mortgage range around their variable rate of interest

For a borrower wanting one home for their finances this is an attractive option

If negotiation is required, these offers and counter offers are known as missives

It provides no benefit to you, it is for the lenders protection only

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

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

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

The opportunity to take payment holidays without incurring large penalties

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

There are more properties on the market than there are buyers

Either party is liable for legal action in breach of contract

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Irrespective of movements in the interest rate your monthly payments will not change

A previous buyer will only be too happy to get some of the survey costs back

Noise abatement orders

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

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

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

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

Generally, secured loans are much easier to obtain than unsecured loans

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage