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Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

Remember, it is your responsibility to get the correct sum insured

a first-come, first-served fixed rate

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.

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

However, try to include as much as possible in the negotiations

Ability to benefit from rate cuts as they occur

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

Investment managers may only be changed on an annual basis

Sewers and drainage

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

Why indexed linked? - As time goes by, the rebuild and repair costs of any property damage are likely to increase, thus if the sum insured does not rise in relation to these, you will end up being under insured

The amount is usually measured in either pounds or months

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

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

29% 2 year fixed fee free, no extended ties

The amount will vary from lender to lender and on the size of the mortgage