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Advantages: Monthly payments can adapt to the level of monthly income you receive

The amount borrowed is repaid monthly over a term agreed at the outset, which will usually range between three years and twenty five years

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

A single payment is made to your lender each month covering both the interest charged on the loan as well as the repayment of the outstanding capital

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

The cost of the survey is usually between £150 and £300 and provides a more in-depth inspection of a property

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

Garden Cover - While most buildings insurance provide cover for patios, paths and driveways

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

Poor Credit & Loan Advice

Contrary to popular believe, lenders can be flexible

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

Therefore, a reputable agent will forward all offers to their client even if these are made after an offer has been accepted

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

Sewers and drainage

Written quotations are available on request

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

Noise abatement orders

Note any parking facilities or restrictions

These mortgages take the benefits of the flexible mortgage and use the funds held in the current account to offset the interest e

Check the plumbing and wiring

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

The redemption fee payable is often up to six times you currently monthly repayments

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