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If you are unsure, talk to local estate agents and solicitors

Equally, you may consider whether the most suitable mortgage vehicle for the future would be a repayment or interest only mortgage (see our Guide to your Mortgage Repayment Options) and this may be related to the prospect of remaining in the same house for the remaining term of your mortgage

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

Switching between provider can only be completed on an annual basis and penalties may be incurred

This information is likely to have been given to the seller and will form part of there judgement of your offer

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

Know which location/s you prefer

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

Payment is either up front, or added to the overall loan

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

Free Legals or a Contribution Towards Conveyancing Costs More common on products aimed at the remortgage market but a frequent product ‘enhancement’

It may also give you a good indication regarding the seriousness of intent to sell

This search can take between four and six weeks although many councils process searches in two weeks

Replacing any damaged, lost or stolen items on a new for old basis

This is a relatively recent introduction into the market and allows you to put all your money in one place, including your savings, current account, credit cards, loans, and earnings

They are more expensive than the lenders valuation

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

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

Once your application has been submitted to us, either the service provider will send you an e-mail acknowledging your application

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

Advice on Affording a Mortgage

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

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

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

Be aware that making an offer may have legal consequences for you

Providing the product has a red apply icon, you can submit your application without leaving our site