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This had much to do with the amount of properties being repossessed at the time

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

Negotiating face to face can be a very effective tactic

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

Examine these policies carefully

Ensure that you know how the settlement figure is made up

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

The valuation does not represent a detailed inspection

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

When registration is complete, the title deed to your lender for safekeeping

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

All lenders will insist on buildings insurance as the very minimum

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

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

Personal Possessions (including cash) on an all risk basis, in and outside the home

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

A flexible mortgage linked to a current account

The moving in day is likely to be one of the most memorable days in connection with the property, so we hope our planner goes some way in making your move more pleasurable

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

Some websites are also offering information about local schools, crime rates, and average property prices

Your local borough council or solicitor will be able to provide you with the exact cost

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

Capped Rate Mortgage

You will be kept up-to-date on the progress of your application by e-mail

A recommendation of the building/rebuild insurance cover required should also be given

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term