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

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

This is a fantastic time saver

This may reveal other factors that will not appear on any formal search

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

Pay particular attention to buildings insurance

ARLA - The The Association of Residential Letting Agents (ARLA) is a self-regulating body, which is solely concerned with lettings. In the event of unresolved disputes, the ARLA offers arbitration for landlords and tenants who use ARLA member firms. more info: http://www.arla.co.uk Arrangement Fee Sometime referred to as an Application Fee. The fee is an amount of moneylenders charge for arranging a mortgage. It may include administration costs and normally varies from one particular mortgage product to another.

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

With this type of mortgage, only the interest is paid off with each mortgage payment

Solicitors require at least 7-10 days to release the necessary funds

The rate will also provide a buffer against increases in the interest rates

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

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

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

The plan holder can then draw a pension from the balance of the fund

This policy is designed to offer income protection against unemployment, sickness and redundancy

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

Are there any guarantees not held with the title deeds? i

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

What limitations apply to your current mortgage rate

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

Individuals utilising short-term finance arrangements to provide their deposit