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

The period of borrowing is in excess of say 12 years

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

This form of insurance is not compulsory

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

Initial property enquiries This is where much time involved in selling and buying is wasted

You have an offer on your property - The further into the processes of selling your home, the better

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

Fixed Rate Mortgage

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Replacing any damaged, lost or stolen items on a new for old basis

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

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

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

In England and Wales a survey is normally made after the offer has been accept subject to contract

Until the seller receives these funds, the buyer may not normally have access to the property

These will be provided for in the initial agreement

Interest only

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

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

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual