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Not only will an estate agent take you more seriously, but the seller will feel more comfortable and have more confidence that you are not time wasting

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

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

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

If asked, the seller will let you know how they would like to proceed

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

Noise abatement orders

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

Other factors may well be involved

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

It is worth noting that the shorter you make the administrative process, the more organised you will need to be

Are they in a chain? How quickly do they want to move? Ask if the agent has a sole agency agreement Having been satisfied with your initial enquiries, it is now time to book a viewing

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

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

Charges can be significant

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

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

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

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available