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The redemption fee payable is often up to six times the currently monthly repayments

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

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Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

If a redemption fee does apply, all is not lost

The inspection is limited to comparing the price being paid against similar property in the area and checking the general condition and location of the property

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

This is a fantastic time saver

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Frequently they can be added to the mortgage hence the fee does not become an ‘out of pocket’ expense

If asked, the seller will let you know how they would like to proceed

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

With discount mortgages borrowers need to watch out for ‘payment shock’

This is referred to as a ‘redemption overhang’

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

Advice on Affording a Mortgage

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

Normally the cashback is offered as a package of benefits e

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental property¹s mortgage repayments (interest only)

If using a removal firm we suggest obtaining several quotes first

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

Considering the current market conditions Excluding the property itself, the current condition of the national market is a significant factor in the process of negotiation