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By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction

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

Your local borough council or solicitor will be able to provide you with the exact cost

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

This is not an obligation to purchase the property

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

Look out for fixed features in the garden such as greenhouse, garden sheds, birdbaths, statues etc

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

Unfortunately not all estate agents are ethical in this area

Capped Rate Mortgage

5 times a single salary and 2

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

All formal letters and missives go to create the contract

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

However, try to include as much as possible in the negotiations

What the search should highlight Any Planning notices

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

Not all buyers pull out as a result of the condition of property itself, but it is worth noting that further enquiries should be made as to the reasons for a previous buyer pulling out

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Again, if you have any concerns about this, your solicitor will be able to advise you