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

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

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

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

The typical cost is £50 to £100 and the search is conducted by a solicitor

Most insurance companies will have extended buildings cover options which are well worth considering

Charges can be significant

For a mortgage secured on a property, insurance may be required

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

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.

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

The experienced agent is likely to be skilled in the art of negotiation and know what buttons to press

Watch out – the ERC can sometimes last longer than the fixed rate period e

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional

Areas to pay particular attention to in selecting your cover are: Cover for any accidental damage

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

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

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

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

The amount borrowed is repaid monthly over a term agreed at the outset, which will usually range between three years and twenty five years

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

It is worth noting that the average property purchase price in the UK has now hit over £100,000

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

This final bonus is not guaranteed in any way

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

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.

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

If added to the loan then interest is charged over the duration of the loan

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages