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A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

The market conditions are in your favour (see details above)

Disadvantages: Generally the rate will not be competitive in relation to the market

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

Overtime and commission may be treated similarly

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental propertyıs mortgage repayments (interest only)

This may result in the property having to be sold to repay the debt owed

They are not secured against property or other assets

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

This will prove handy at the time of making an offer

At the end of the term, therefore, you will need to repay the capital

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

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 just complete a form online and a price is given

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

Avoidance of early redemption penalties

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

For example, the variable rate may be 5% with a discount of 1

5 times a single salary and 2

This may significantly increase the chances of your offer being accepted

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

Lenders will also use credit reference agencies to obtain information about you

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

This method of repayment is the least risky and is often considered suitable if you want guaranteed repayment and prefer to see the amount owed to the lender decline each year

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

Compare mortgage rates to find your ideal mortgage, or see how much you could save by changing lenders and re-mortgaging