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APR may vary

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.

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

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

Indeed with enough credit you can take a payment holiday

The definition of income may also change from one mortgage provider to the next

Making an offer is one of the more stressful parts of buying a home

The agent will be more willing to hand you properties that he can sell quickly or that are in greater demand

the mortgage has to be held for a number of years before the lender breaks into profit

Therefore, a reputable agent will forward all offers to their client even if these are made after an offer has been accepted

Exposure to interest rate rises

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

This service is subject to a small fee, and is available by contacting: Experian Ltd Online: wwwukexperiancom/consumer Telephone: 0870 241 6212 Post: Consumer Service Help Centre Experian Ltd PO BOX 8000 Nottingham NG1 5GX Equifax PLC Online: wwwequifaxcouk Telephone: 0870 010 0583 Post: Credit File Advice Centre PO BOX 3001 Glasgow G81 2DT If you are experiencing problems with your credit you may wish to contact the following companies for some help and advice

The amount is usually measured in either pounds or months

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

They are not secured against property or other assets

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

Ask how long has the property been on the market and if there has been a price reduction

4% off for 1 year

This may reveal other factors that will not appear on any formal search

Variable Rate Mortgage

There is potential for higher returns than endowments

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

All mortgage lenders require an official search to be carried out

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

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

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

The amounts can range from a flat fee e

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided