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It is still possible to have up-front charges for discounted products and an Early Redemption Charge is common

The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

This search can take between four and six weeks although many councils process searches in two weeks

Lenders will also use credit reference agencies to obtain information about you

This service is subject to a small fee, and is available by contacting: Experian Ltd Online: wwwukexperiancom/consumer Telephone: 0870 241 6212 Post: Consumer Service Help Centre Experian Ltd PO BOX 8000 Nottingham NG1 5GX Equifax PLC Online: wwwequifaxcouk Telephone: 0870 010 0583 Post: Credit File Advice Centre PO BOX 3001 Glasgow G81 2DT If you are experiencing problems with your credit you may wish to contact the following companies for some help and advice

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

Assuming that you have your financial preparations in place (a mortgage in principle)

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

Ensure that you know how the settlement figure is made up

Disadvantages: Associated redemption penalties are restrictive

OTHER TERMINOLOGY Adverse Credit If a borrower has a history of poor credit usage then this is described as Adverse Credit

Other factors may well be involved

So we know our specialist advisers can provide you with the mortgage that best suits your needs

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

Fortunately there are a number of mortgage deals promoted by lenders aimed specifically at first time buyers

If for any reason your application is declined, may be able to direct your application to a provider who can help

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

The standard period is 14-28 days after exchange

Specific questions which may cover issues such as disputes with neighbours, alterations to the property, etc