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If remedial work is required ask the owner if they have had any quotes

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

damp and timber reports, planning consents for alterations and extensions

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

STEP 1 - WHICH LOAN? Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation

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

They should be included in the sale

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

Your local agent can give you a good idea here

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

(Gazumping)

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

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

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

Replacing any damaged, lost or stolen items on a new for old basis

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

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

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

Individuals utilising short-term finance arrangements to provide their deposit