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Further fees such as arrangement fees are also frequently experienced with this type of rate

The seller is legally required to answer these enquiries honestly! Prepares and sends a package of legal information and draft contract, setting out the main terms agreed, the names, price, special terms, and details of the legal ownership Requests a settlement figure for your mortgage and any other secured loans

6 months interest or repayment of the amount of benefit received, be it cashback or reduced interest

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Capped Rate Mortgage

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

Take note of the neighbours - Do they have overlooking views? Do they have pets, or caravans that may end up being a nuisance? Accept a tour by the owner or agent

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

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

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

This means that all bank rates cuts are automatically passed on to the borrower

See FAQs for more details

First Time Home Buyers Buying your first home can be a daunting proposition

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

It is common practice for lenders to pass this charge on to the borrower

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

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

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

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

The costs will be greater for house purchase than for remortgage

Understandably this is due to protecting their investment

Remember, it is your responsibility to get the correct sum insured

Receive replies to questions raised and reports to you with the contract for signing

This tends to be between £25 - £50 and may be avoided if enough objections were made