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Frequently they can be added to the mortgage hence the fee does not become an ‘out of pocket’ expense

Contrary to popular believe, lenders can be flexible

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

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

If applicable, a redemption fee will come into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

Most lenders have a different name for this charge i

Some will allow for bonuses and some will only allow 50% of bonus

Not all buyers pull out as a result of the condition of property itself, but it is worth noting that further enquiries should be made as to the reasons for a previous buyer pulling out

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

Base Rate Tracker Mortgages

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

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

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

No further funds can now be put into Personal Equity Plans

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

There are many reasons why a seller may want a quick sale

Avoidance of early redemption penalties

Set your price range and when you would ideally wish to move

Borrowers with new loans only get the interest paid after waiting for nine months

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

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

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

Receives search results and deals with any problems revealed

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

Unfortunately not all estate agents are ethical in this area

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

Individuals utilising short-term finance arrangements to provide their deposit

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer