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This final bonus is not guaranteed in any way

For example, the variable rate may be 5% with a discount of 1

Borrowers with new loans only get the interest paid after waiting for nine months

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

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

Commonly these will be between 3 and 3

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property

Disadvantages: Unexpected increases in payments at term end

There is a wide range of contents insurance options and packages on the market

You only get this if you qualify for income support

Personal loans are repayable monthly

Receive replies to questions raised and reports to you with the contract for signing

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

Some will allow for bonuses and some will only allow 50% of bonus

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

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

Your mortgage lender will insist on a property survey before approving your mortgage

Ask about the reason for the sale

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

Compare mortgage rates to find your ideal mortgage, or see how much you could save by changing lenders and re-mortgaging

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

Investment managers may only be changed on an annual basis

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

Be aware that valuations are just that - they are not a full structural survey

First time buyers looking for security during the first few years of setting up home

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

A number of these flexible mortgages may also offer the ability to operate your mortgage account as a bank account with the option to make withdrawals in certain circumstances

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

This method of repayment is the least risky and is often considered suitable if you want guaranteed repayment and prefer to see the amount owed to the lender decline each year

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

Often it may require obtaining quotations for any remedial work required to form the basis of any negotiation on price