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If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

Being hit by an unexpected redemption fee can put a serious dent into your finances

If applicable, a redemption fee will come into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Lenders will also use credit reference agencies to obtain information about you

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

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

It will cover problems such as collapse or serious distortion of floor joists or the roof

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

5%

Be aware that valuations are just that - they are not a full structural survey

They are also useful for larger amounts or where the applicant requires a longer repayment period

We are experts in finding mortgages and loans for people with a problem, or poor credit history

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

This mainly occurs in a sellers market or where the property is of rare value

Once all documentation is in order (after checking with you and your lender) the solicitor will send the title deeds for recording in the Register of Sassines or registration in the Land Register of Scotland

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

We recommend taking a look at homecheck

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

29% 2 year fixed fee free, no extended ties

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

In return for an annual or monthly premium the insurance company will cover the cost of replacing or repairing an item that is lost, stolen or damaged

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

Compulsory purchase orders

Variable Rate Mortgage

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

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Only one Maxi individual savings account may be held in any one tax year