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It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

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

Your lender agrees a set rate of interest for a specified period of time

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

It acts as a form of insurance for the lender not the borrower

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

Individuals on a tight budget expecting wage increases over the first few years of the mortgage

Searches are often one of the major causes of time delay

damp and timber reports, planning consents for alterations and extensions

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

c) A combination of the above

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Put the owner on the spot and see what reaction you get

Buyers should check carefully any property they wish to buy for such restrictions

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

Garage contents Items taken away from the home such as pedal cycles, jewellery, mobile phones etc Mortgage Indemnity Insurance Also known as Mortgage Indemnity Guarantee

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered