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This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Advice on Affording a Mortgage

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

The process of registration is usually conducted via a solicitor

The standard period is 14-28 days after exchange

If the plan is not reaching its expected target, the borrower can increase payments into the policy or invest in another product to cover any anticipated shortfall

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

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The law on moveables is quite complex

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

4 weeks to go Arrange buildings insurance for your new home to commence on exchange of contracts. Check that your home contents are adequately insured (transit insurance) during the move. Start to use up food from your freezer. Contact the telephone company to organise reconnection or installation of a line. Book time off work. Make special arrangements for pets and remember that they often find moving home stressful!

Most recent mortgage statement or a redemption statement from your lender

A flexible mortgage linked to a current account

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

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

It is normal for lenders to charge up-front fees in the form of booking and/or arrangement fees

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

Without an appraisal, it is going to be difficult to plan ahead

Switching between provider can only be completed on an annual basis and penalties may be incurred

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property

Variable Rate Mortgage

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

Overtime and commission may be treated similarly

Much depends on the agent, the seller and your confidence in your negotiation skills

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

Negotiating face to face can be a very effective tactic

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

If you are unsure, talk to local estate agents and solicitors