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Assessments are generally made very quickly based on your personal circumstances

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

This may have the effect of reducing the length of time it takes to repay your mortgage

Buy to let has become an attractive investment option for many people as soaring house prices, increased demand for rental property and better legal protection for private landlords has made buy to let fast growing area of the mortgage market

The typical cost is £50 to £100 and the search is conducted by a solicitor

The second influence on the amount you can borrow is your current level of income

Check it out and see how the neighbourhood is rated

Customers cashing-in an endowment policy in the first few years after inception can receive less than the amount invested

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

With discount mortgages borrowers need to watch out for ‘payment shock’

This means that all bank rates cuts are automatically passed on to the borrower

Advantages: Monthly payments can adapt to the level of monthly income you receive

The redemption fee payable is often up to six times you currently monthly repayments

Mortgage lenders require that neither the buyer nor the seller have a bankruptcy notice registered against them

3% of the loan

There are more properties on the market than there are buyers

Flexible mortgage Cashback Fixed Discounted Capped

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

Disadvantages: The final value of the policy may not be entirely sufficient to repay your mortgage or the monthly premium may have to be increased later on in the term of the mortgage to compensate for poor returns

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

There is no guarantee with this type of mortgage

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

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending up to £100,000

Solicitors require at least 7-10 days to release the necessary funds

This information is likely to have been given to the seller and will form part of there judgement of your offer

Some websites are also offering information about local schools, crime rates, and average property prices

The Lender offers a discount on the Standard Variable Rate (SVR) for a specific period of time

Again, if you have any concerns about this, your solicitor will be able to advise you

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

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