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Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

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

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

This may result in the property having to be sold to repay the debt owed

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

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

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property

Your lender agrees a set rate of interest for a specified period of time

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

Once the ruling has taken place it will be recorded against the persons credit history and will appear every time a credit search is done for the next seven years

The law on moveables is quite complex

This is widely accepted as the most straightforward of the mortgage options

There are limits applied to all contributions

However, most vendors are reluctant to take the hit on the full amount

Ask why the current owners are selling the property

Avoidance of early redemption penalties

A booking fee will normally be required with the application form

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc