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Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

The interest rate can fluctuate and is not fixed at the initial rate of interest

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

The second influence on the amount you can borrow is your current level of income

A recommendation of the building/rebuild insurance cover required should also be given

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

5%

What limitations apply to your current mortgage rate

This is an excellent option for the self employed

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

You have an offer on your property - The further into the processes of selling your home, the better

How long they been there and have there been any disputes? Internal Observations Does the property have central heating? If so, check when it was installed and last serviced

There is no guarantee with this type of mortgage

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

It provides no benefit to you, it is for the lenders protection only

2% fees-free offset mortgage

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

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

Individuals utilising short-term finance arrangements to provide their deposit

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

c) A combination of the above