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If you have no life assurance cover in place and die before the loan is repaid, the mortgage will still need to be repaid

Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

There has been a previous price reduction on the property

At this point a survey will need to be arranged so that a firm and informed offer may be made

Some plans are tax-efficient

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

Subject to your circumstances, you may be able to borrow up to 125% of the property value

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

Capped Rate Mortgage

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

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

12 weeks to go Try starting a notebook to record details

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

So make sure you get the facts

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

Normally the cashback is offered as a package of benefits e

Set your price range and when you would ideally wish to move

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

A single payment is made to your lender each month covering both the interest charged on the loan as well as the repayment of the outstanding capital

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)