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The purpose of the search is to discover if there are plans for nearby development that could potentially affect the property

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 lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

Advice on Affording a Mortgage

Why indexed linked? - As time goes by, the rebuild and repair costs of any property damage are likely to increase, thus if the sum insured does not rise in relation to these, you will end up being under insured

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

You will be kept up-to-date on the progress of your application by e-mail

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

If using a removal firm we suggest obtaining several quotes first

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

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

There are some important facts to understand about the mortgage indemnity charge

In such circumstances the borrower will be facing a significant increase in their monthly mortgage payment at the end of the discount benefit period

So ask and make it a condition of any offer

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed

Sewers and drainage

There is no guarantee with this type of mortgage

Negotiation with a lender is possible

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

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Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

It may also indicate how genuine the sellers are

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

First time buyers looking for security during the first few years of setting up home

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

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

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage