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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

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

In the longer term, with flexible mortgage rates, you should see the reduction of the amount owing occurring more quickly than a standard mortgage

You will be kept up-to-date on the progress of your application by e-mail

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

Survey costs The cost will vary according to how thorough a survey you require (from £300 - £800 on average)

Most lenders and insurance companies offer a combined Buildings and Contents Policy

All lenders will insist on buildings insurance as the very minimum

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

They are also useful for larger amounts or where the applicant requires a longer repayment period

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

This will contain a number of conditions and other requirements that your solicitor will discuss with you

Some plans are tax-efficient

In many cases, lenders offer different rates depending on the method by which you apply

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