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The amount will vary from lender to lender and on the size of the mortgage

Find out what else is included in the sale

Lenders will also use credit reference agencies to obtain information about you

Replacing any damaged, lost or stolen items on a new for old basis

Endowments provide life assurance so that in the event of death the mortgage is paid off

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

So make sure you get the facts

For more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

You can choose cover according to your needs

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

Cashing in the plans early may result in financial penalties

This is not an obligation to purchase the property

Noise abatement orders