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It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

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

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Charges can be significant

Overtime and commission may be treated similarly

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

If remedial work is required ask the owner if they have had any quotes

Personal Possessions (including cash) on an all risk basis, in and outside the home

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

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

Ask how long has the property been on the market and if there has been a price reduction

On-line conveyancing On-line conveyancing is one of the latest improvements in the legal process of buying and selling

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

In certain instances the valuation figure returned by the surveyor may not equal the purchase price

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

This protects the lender in case you do not repay the loan and your home has to be repossessed

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

Get advice on all types of loans, compare rates, or apply for a loan online

At the very least a mobile phone

For example, setting the price range on your next home

Making an offer is one of the more stressful parts of buying a home

The potential for your rate to reduce unlike the fixed rate mortgage

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

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

With this type of mortgage, interest may be calculated on a daily or weekly basis

c) A combination of the above

Garden Cover - While most buildings insurance provide cover for patios, paths and driveways

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

These are known as regulated loans

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

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.

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

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

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower