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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

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

In most cases, it is simply not worth it

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

On your mortgage statement, normally received annually, you will see that the amount borrowed decreases throughout the term

This may cover issues such as disputes with neighbours

Higher rate taxpayers may benefit from this option

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

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

Each case should be taken on its own merits

The freedom to make additional payments up to the annual limits

In either case the difference will need to be found before completion

You have an offer on your property - The further into the processes of selling your home, the better

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

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

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

However it is possible to speed up the process by arranging a personal search

A removal firm will normally supply a quote over the phone, based on the location your moving from and to

Either party is liable for legal action in breach of contract

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

Cashing in the plans early may result in financial penalties

Once contracts have been exchanged, bankruptcy searches on both the buyer and the seller will be carried out

5% of the value of the property for your conveyancing

Capped Rate Mortgages

This mainly occurs in a sellers market or where the property is of rare value

Whereas in Scotland, the survey is completed before making a formal offer

If a redemption fee does apply, all is not lost

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000