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This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

The cost of this is therefore to be taken into account when selecting a lender

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

There are limits applied to all contributions

Buyers Market

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans

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

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

Gain an advantage view point of the roof - Does it bow or are there any tiles missing? Are there signs of any glass being recently replaced or damage to external doors? Possibly indicating signs of break-in

This is not an obligation to purchase the property

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

In certain instances the valuation figure returned by the surveyor may not equal the purchase price

Examine these policies carefully

This is widely accepted as the most straightforward of the mortgage options

Location : Normally an agent will ask for a number of areas Do you need finance? If not how are you financing the purchase? Is it dependant on selling a property? If you have registered with an agent and your not getting any details

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

Compare the property with surrounding properties

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)

Variable Rate Mortgages

Commonly these will be between 3 and 3

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

So make sure you get the facts

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

If for any reason your application is declined, may be able to direct your application to a provider who can help

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund