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Ensure that you know how the settlement figure is made up

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

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

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

Variable Rate Mortgage

99% 2 year discount, no extended ties fee free remortgage

They are more expensive than the lenders valuation

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

Exposure to interest rate rises

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

The money may only be drawn from a pension policy when the policyholder reaches retirement age

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

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.

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

Ask how long has the property been on the market and if there has been a price reduction