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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)

Your solicitor should be able to advise you on the current search time

Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership

(Gazumping)

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Flexible mortgage Cashback Fixed Discounted Capped

Preparing the ground to buy No one likes a timewaster and the professional agent will spot one a mile off

The period of borrowing is in excess of say 12 years

Cashback Mortgages

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

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

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

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

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

Borrowers who anticipate rising interest rates

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

Interest only

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

You are not looking for a guarantee of repayment at the end of the mortgage term

Exposure to interest rate rises

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

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

Redemption penalties can prevent restructuring of your mortgage and associated finances

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

If you are obtaining a mortgage then your solicitor will need to prepare a Standard Security, giving your mortgage provider certain rights over the property

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

Charges can be significant