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Each year the amount owed will decline

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

When viewing a property ask the question and try to establish a rapport with the seller

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

What the search should highlight Any Planning notices

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

Variable Rate Mortgage

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

This may be an expensive choice, as in the vast majority of cases Just are able to significantly reduce your mortgage rate, although it is of course imperative to consider the potential cost of any redemption penalties on your existing mortgage

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

Instantly compare hundreds of credit cards and rates to help you choose the best deal

How long they been there and have there been any disputes? Internal Observations Does the property have central heating? If so, check when it was installed and last serviced

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

It will cover problems such as collapse or serious distortion of floor joists or the roof

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 more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself

Check this out with your solicitor or lender

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

Interest only

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

These are more detailed than a lender valuation but they produced on behalf of the applicant

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

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

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

This final bonus is not guaranteed in any way

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

STEP 1 - WHICH LOAN? Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation