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Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

The costs will be greater for house purchase than for remortgage

Ensure that you know how the settlement figure is made up

You do not mind taking some degree of financial risk

So we know our specialist advisers can provide you with the mortgage that best suits your needs

For borrowers moving house regularly, this can result in little of the capital being paid off

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

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

The agent will be more willing to hand you properties that he can sell quickly or that are in greater demand

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Suitability: An endowment policy is the most suitable option in a number of circumstances the most common being those identified below: You are a higher rate taxpayer and have utilised all your annual ISA allowance

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

The standard period is 14-28 days after exchange

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

Avoidance of early redemption penalties

Proceedings relating to any infringement of building regulations

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

If the plan is not reaching its expected target, the borrower can increase payments into the policy or invest in another product to cover any anticipated shortfall

It may be possible to renegotiate the price of the property taking into account to costs of any work required

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

insurance and finance

This may significantly increase the chances of your offer being accepted

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

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

First Time Home Buyers Buying your first home can be a daunting proposition

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

This can save hours of waiting on the phone trying to get to speak to your conveyancer