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Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans

Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period

Life assurance cover is not always necessary in taking out this type of mortgage

For a borrower wanting one home for their finances this is an attractive option

Home working equipment cover

The opportunity to take payment holidays without incurring large penalties

Frequently they can be added to the mortgage hence the fee does not become an ‘out of pocket’ expense

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

If you want to continue, find out if the previous buyer had completed the searches or any survey

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Pay particular attention to buildings insurance

Try not to widen your search in too much

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

These are known as regulated loans

Often it may require obtaining quotations for any remedial work required to form the basis of any negotiation on price

Receives mortgage offer and deals with all the conditions on your behalf

It is important to note that the valuation is carried out on behalf of the lender – not the mortgage applicants! Frequently lenders include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

Overtime and commission may be treated similarly

It may also indicate how genuine the sellers are

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

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