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It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

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

If you have any doubts check with the lender

Other factors may well be involved

The freedom to make additional payments up to the annual limits

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

Areas to pay particular attention to in selecting your cover are: Cover for any accidental damage

There are two main factors that influence the amount you are able to borrow

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions

Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

The money is then paid back to the Lender over a fixed period of time together with accrued interest

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

5% on a normal lending limit of 75% loan to value

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

Normally a lender will require a non-refundable booking fee in advance to reserve this option

They deal with surveyors every day and should be able to recommend a good one

It should also be noted that whilst a Maxi has a single investment manager for all three elements the Mini ISAs will have an individual manager per element therein

rooms, style, new or old etc

The above rates are a sample of the range of rates currently available and figures are correct at the time of going to the Internet

Individuals utilising short-term finance arrangements to provide their deposit

the mortgage balance minus the positive balance held in the current account

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

With discount mortgages borrowers need to watch out for ‘payment shock’

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

The amounts can range from a flat fee e

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

Most lenders have a different name for this charge i