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All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

Avoidance of early redemption penalties

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

For example, the variable rate may be 5% with a discount of 1

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

Exposure to interest rate rises

This will vary between lenders and products

Capped Rate Mortgage

The cost can easily add over £1,000 to the total bill and is either paid up front or added to the overall loan

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

The rate will also provide a buffer against increases in the interest rates

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

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

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

damp and timber reports, planning consents for alterations and extensions

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

the mortgage balance minus the positive balance held in the current account

You never know, it could be a deciding factor involved in your decision to purchase or not

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

How long does your present fixed, discounted or capped rate last for

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

A good site will enable you to register your requirements and send you the latest property details by email

The inspection is limited to comparing the price being paid against similar property in the area and checking the general condition and location of the property

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time