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Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

First Time Home Buyers Buying your first home can be a daunting proposition

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

Each case should be taken on its own merits

Disadvantages: Unexpected increases in payments at term end

If added to the loan then interest is charged over the duration of the loan

An arrangement fee is typically charged on completion of the mortgage

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

First time buyers looking for security during the first few years of setting up home

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

This mainly occurs in a sellers market or where the property is of rare value

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

This is also particularly relevant in the case of sealed bids

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

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

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

They should be included in the sale

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

Conditional planning permissions granted

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

Get the first 3 months FREE on any premium

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

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It can be done, but much depends on the lender

There are limits applied to all contributions

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

Your solicitor should be able to advise you on the current search time