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Watch out – the ERC can sometimes last longer than the fixed rate period e

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

Fixed Rate Mortgage

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

These tax-free accounts were split into two main alternatives, the Mini individual savings account and the Maxi individual savings account, both of which can be utilised to repay an interest only mortgage

Sewers and drainage

Note any parking facilities or restrictions

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

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.

All mortgage lenders require an official search to be carried out

It may be that administration charges, mortgage indemnity insurance, or building and contents insurance costs have been added to the amount you originally borrowed

This will vary between lenders and products

On this subject see ‘No Redemption’ and ‘No Overhang’ below

Buildings survey Also known as a structural survey

Possible diversion or closure of roads or footpaths

Your local borough council or solicitor will be able to provide you with the exact cost

For more information please see:: Dealing with adverse valuations Recently built homes Most new houses have a National House Building Council (NHBC) Certificate

A Guide to Secured Home-Owner Loans A secured loan is any loan that requires the borrower to provide the lender with some form of security

Most lenders and insurance companies offer a combined Buildings and Contents Policy

ISA The Individual Savings Account (ISA) is a tax free method of saving

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available