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The capital amount is to be repaid at the end of the period agreed

(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

Possibility of losing out should interest rates fall below your agreed rate

The following planner will help focus on what needs be done and when

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

This final bonus is not guaranteed in any way

Note any parking facilities or restrictions

Switching between provider can only be completed on an annual basis and penalties may be incurred

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

Although both may vary, a deposit of between 5% and 10% is common, as is completion 28 days after exchange

1 week to go Pay all local milk/paper bills. Cancel any services, e.g. window cleaner, milkman, newspaper delivery. Return videos/library books/pick up dry-cleaning. Drain petrol/oil from any garden equipment. Prepare directions for removals company. Confirm final details with them and include contact/mobile numbers for you throughout the day. Make sure all the utilities at your new home will be fully functional for when you move in.

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

In most cases, it is simply not worth it

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

Base Rate Tracker Mortgages

They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

Especially considering that they had gone to the expense of paying for a building survey

For borrowers moving house regularly, this can result in little of the capital being paid off

It is normal for lenders to charge up-front fees in the form of booking and/or arrangement fees

ISA The Individual Savings Account (ISA) is a tax free method of saving

Disadvantages: Generally the rate will not be competitive in relation to the market

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