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There are two main factors that influence the amount you are able to borrow

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

So ask and make it a condition of any offer

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

Listed below are examples of some of the best deals around

All lenders will insist on buildings insurance as the very minimum

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Discounted Rate Mortgage

The typical rate is a rate that is offered to over 50% of successful applicants, and the exact rate offered to you will depend on your personal circumstances, the amount and term of the loan along with the credit assessment procedures

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

The increased flexibility inherent within the repayment vehicle can lead to shortfalls in relation to the amounts required owing to withdrawals having been made

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