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Some sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

Lenders will also use credit reference agencies to obtain information about you

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

This could end up saving you time and money

Contrary to popular believe, lenders can be flexible

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

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

Ask about the sellers position

This may reveal other factors that will not appear on any formal search

In return you usually agree to pay the variable rate charged by the bank or building society, for a specified term

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

On your mortgage statement, normally received annually, you will see that the amount borrowed decreases throughout the term

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

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