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Your lender agrees a set rate of interest for a specified period of time

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Homebuyers survey This is the most popular form of survey and is intended for use on conventional types of property

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

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

Whereas in Scotland, the survey is completed before making a formal offer

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

Try not to widen your search in too much

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

Unfortunately not all estate agents are ethical in this area

Current Account Mortgage (CAM)

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

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

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

Arriving at the property Before knocking, take a few moments to observe your first impressions

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

Disadvantages: Associated redemption penalties are restrictive

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.

If you have any doubts check with the lender

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

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The plan holder can then draw a pension from the balance of the fund

On-line conveyancing On-line conveyancing is one of the latest improvements in the legal process of buying and selling