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So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

The second influence on the amount you can borrow is your current level of income

Before the exchange of contracts, you will have to agree on a date for completion of purchase

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

Possibility of losing out should interest rates fall below your agreed rate

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

A Guide to Unsecured Personal Loans Unsecured personal loans are offered by lending institutions such as banks and building societies

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

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.

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

5 times a single salary and 2

This form of insurance is not compulsory

At the very least a mobile phone