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Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many 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

This may significantly increase the chances of your offer being accepted

So make sure you get the facts

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

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

These are known as regulated loans

The amount provided by the investment product cannot normally be guaranteed

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

A booking fee is paid to reserve funds on a mortgage product that has limited funds available e

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

Most insurance companies will have extended buildings cover options which are well worth considering

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

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

This means that all bank rates cuts are automatically passed on to the borrower

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

Either party is liable for legal action in breach of contract

It may be that there is more or less demand on a certain type of property or particular estates/areas

The Maxi individual savings accounts combine three basic elements in one plan, with a limit of £5,000 (£7,000 in the current tax year) being placed on the investment

Check to see if this applies with your lender or solicitor