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Assuming that you have your financial preparations in place (a mortgage in principle)

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

Life assurance cover is not always necessary in taking out this type of mortgage

Get the first 3 months FREE on any premium

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

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

Plus the number of rooms in your existing home

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Your local borough council or solicitor will be able to provide you with the exact cost

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

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

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

Disadvantages: Associated redemption penalties are restrictive

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

Another form of insurance is Mortgage Indemnity Guarantee

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

Assessments are generally made very quickly based on your personal circumstances

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage