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Be aware that valuations are just that - they are not a full structural survey

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

(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

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

Preliminary Observations Ask about the cost of council tax and utilities with the seller

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

Valuations and mortgage reports Note, a valuation is not a survey

Searches are often one of the major causes of time delay

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

However, most vendors are reluctant to take the hit on the full amount

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

Variable Rate Mortgage

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

This possibility alone was enough to dissuade many people from becoming private landlords in the past

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

They are also useful for larger amounts or where the applicant requires a longer repayment period

Without an appraisal, it is going to be difficult to plan ahead

5%

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

Pay particular attention to buildings insurance

First and most important: If you have a property to sell, obligation a free appraisal from more than one estate agent

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

Some sites are also offering information about local schools, crime rates, and average property prices

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.