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Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

If added to the loan then interest is charged over the duration of the loan

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

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

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

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

Before the exchange of contracts, you will have to agree on a date for completion of purchase

You are then free to move into your new home

Another form of insurance is Mortgage Indemnity Guarantee

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

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

Examine these policies carefully

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

With this type of mortgage, only the interest is paid off with each mortgage payment

The second influence on the amount you can borrow is your current level of income

The purpose of the search is to discover if there are plans for nearby development that could potentially affect the property

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

Normally a lender will require a non-refundable booking fee in advance to reserve this option

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

Endowments provide life assurance so that in the event of death the mortgage is paid off

You do not mind taking some degree of financial risk

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

It should be noted that individual savings accounts are relatively new products and as with any piece of new legislation there is always some degree of uncertainty over its long term future

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period