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Receive replies to questions raised and reports to you with the contract for signing

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Before the exchange of contracts, you will have to agree on a date for completion of purchase

rooms, style, new or old etc

The key advantage is that you should be able to track the process of the purchase online

Ask why the current owners are selling the property

Solicitors require at least 7-10 days to release the necessary funds

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

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

The earlier you contact them, the more sympathetic they are likely to be

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

Stamp Duty becomes payable at the time of completion/taking entry and is normally made via a solicitor

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

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

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

If significant defects are identified, the surveyor may suggest further investigation by an specialist

The interest rate can fluctuate and is not fixed at the initial rate of interest

Unfortunately not all estate agents are ethical in this area

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

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

This may have the effect of reducing the length of time it takes to repay your mortgage

If your instincts tell you to leave it alone

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

linked with a discount, but pure cashback products are not uncommon

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

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

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

If the property was purchased outright, the buyer keeps the deeds