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More detailed reports are also available for a small fee

coal mining search to check for subsidence; check to see if there are some planned major road developments going through the back garden etc

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

Arrangement fees are common on fixed and capped rate mortgages

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

In either case, having prepared the ground an agent will notice that you have put some work into sorting a few thing out, thus take you seriously

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

Repayment Mortgages UK

UK Pensions Advice

A Guide to Secured Home-Owner Loans A secured loan is any loan that requires the borrower to provide the lender with some form of security

The seller is legally required to answer these enquiries honestly! But do they? We believe not always

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

This may be due to a number of factors, but mainly occurs due to the condition of the property

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

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid