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This will contain a number of conditions and other requirements that your solicitor will discuss with you

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

A good site will enable you to register your requirements and send you the latest property details by email

They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

External Observations Ask to see the garden and the garage

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

It can be done, but much depends on the lender

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

Lenders charge interest on the amount you borrow, which is referred to as the Annual Percentage Rate (APR)

All formal letters and missives go to create the contract

Check this out with your solicitor or lender

A system of feudal tenure exists in Scotland, under which the seller has the power to impose permanent restrictions on the future use and development of the property and land

rooms, style, new or old etc

5 to 3 times joint income

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

The standard period is 14-28 days after exchange

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

Bankrupt A Corporation, Firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

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