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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

Note any parking facilities or restrictions

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

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

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

4 weeks to go Arrange buildings insurance for your new home to commence on exchange of contracts. Check that your home contents are adequately insured (transit insurance) during the move. Start to use up food from your freezer. Contact the telephone company to organise reconnection or installation of a line. Book time off work. Make special arrangements for pets and remember that they often find moving home stressful!

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

Obviously, neighbours have the potential of making your life absolute hell; So if you have a doubts do not be afraid to ask

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

Instantly compare hundreds of credit cards and rates to help you choose the best deal

This tends to be between £25 - £50 and may be avoided if enough objections were made

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

Overtime and commission may be treated similarly

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

They will also find that the mortgages they can get will be at a higher interest rate

However should rates decrease the borrower will benefit from lower payments

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

Cashing in the plans early may result in financial penalties

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now