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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

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

It simply informs the seller of your interest

APR may vary

If you completed our application form, it will be passed to your chosen provider in order that they may process it

This may significantly increase the chances of your offer being accepted

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

Instantly compare hundreds of credit cards and rates to help you choose the best deal

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

rooms, style, new or old etc

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

They deal with surveyors every day and should be able to recommend a good one

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

The above rates are a sample of the range of rates currently available and figures are correct at the time of going to the Internet

5%

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

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

There is a wide range of contents insurance options and packages on the market

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

FEATURES AND OTHER BENEFITS OFFERED WITH MORTGAGES There are other key features and benefits to be considered when determining the best mortgage for a prospective borrower

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

External Observations Ask to see the garden and the garage

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

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

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

If you are refused a personal loan or wish to make enquiries concerning your own credit file, you can apply to the credit reference agencies for a copy of your credit file