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Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

Be aware that valuations are just that - they are not a full structural survey

Making an offer is one of the more stressful parts of buying a home

A valuation of the property is supplied based on the approximate market value of the property

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

Although both may vary, a deposit of between 5% and 10% is common, as is completion 28 days after exchange

Payment holidays are permitted

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

These are more detailed than a lender valuation but they produced on behalf of the applicant

You can choose cover according to your needs

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

It simply informs the seller of your interest

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

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

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

Whether the property is a listed building or in a conservation area

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

Current Account Mortgage

rooms, style, new or old etc

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

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

Plan and think ahead

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage