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Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

They are also useful for larger amounts or where the applicant requires a longer repayment period

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

Most lenders have a different name for this charge i

Understandably this is due to protecting their investment

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

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Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

The period of borrowing is in excess of say 12 years

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

It is a basic inspection undertaken by a valuer on behalf of the lender for the purpose of determine whether a property is a sound investment on their behalf

All mortgage lenders require an official search to be carried out

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

Other factors may well be involved

The potential for your rate to reduce unlike the fixed rate mortgage

Being hit by an unexpected redemption fee can put a serious dent into your finances

See below for a quick guide to secured loans

Remember, it is your responsibility to get the correct sum insured

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

If you are refused a personal loan or wish to make enquiries concerning your own credit file, you can apply to the credit reference agencies for a copy of your credit file

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

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

Searches are often one of the major causes of time delay