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Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

Disadvantages: Associated redemption penalties are restrictive

There is a wide range of contents insurance options and packages on the market

Know which location/s you prefer

Each year the amount owed will decline

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

A fixed interest rate will stay the same throughout the term of your loan, regardless of any changes in the bank base rate

Often it may require obtaining quotations for any remedial work required to form the basis of any negotiation on price

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

It may also give you a good indication regarding the seriousness of intent to sell

The offer includes the purchase price, date of entry, alterations and specialist works together with any inclusions such as carpets and curtains etc

There has been a previous price reduction on the property

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

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

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

Capped Rate Mortgage

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

The seller is legally required to answer these enquiries honestly! But do they? We believe not always

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender