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Disadvantages: The final value of the policy may not be entirely sufficient to repay your mortgage or the monthly premium may have to be increased later on in the term of the mortgage to compensate for poor returns

On this subject see ‘No Redemption’ and ‘No Overhang’ below

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

4% off for 1 year

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

Be aware that making an offer may have legal consequences for you

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

This will depend on future investment performance

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

Be precise when filling out the registration forms

Has it been recently decorated? Does it require any major work or modernisation? Ask what else is included in the sale

5 times a single salary and 2

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

the rates for telephone applications may be different from those for online applications

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

These are often referred to as credit scoring facilities

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974