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Requests your deposit

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

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

Which way is the property positioned? East facing rooms will receive more sun in the morning; West-facing rooms will be brighter in the afternoon

the mortgage has to be held for a number of years before the lender breaks into profit

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

If you want to continue, find out if the previous buyer had completed the searches or any survey

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

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000

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

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

If remedial work is required ask the owner if they have had any quotes

Regular checking of the policy fund itself by the borrower and the lender should minimise any risk

They are not secured against property or other assets

The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

Receives search results and deals with any problems revealed

A seller may ask you to negotiate specific issues or accept your offer in full; In which case by Scottish Law you are fully committed to the purchase

Current Account Mortgage