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After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

There is potential for higher returns than endowments

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

The purpose of the search is to discover if there are plans for nearby development that could potentially affect the property

These are more detailed than a lender valuation but they produced on behalf of the applicant

The seller is legally required to answer these enquiries honestly! But do they? We believe not always

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

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

In return you usually agree to pay the variable rate charged by the bank or building society, for a specified term

Buyers Market

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Personal loans are repayable monthly

Arriving at the property Before knocking, take a few moments to observe your first impressions

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

In England and Wales a survey is normally made after the offer has been accept subject to contract