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A booking fee is paid to reserve funds on a mortgage product that has limited funds available e

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

This is not an obligation to purchase the property

This search can take between four and six weeks although many councils process searches in two weeks

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

Current Account Mortgage (CAM)

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

It should be noted that individual savings accounts are relatively new products and as with any piece of new legislation there is always some degree of uncertainty over its long term future

Arrangement fees are common on fixed and capped rate mortgages

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

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

This is usually linked to the amount of cashback provided

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

The amount borrowed is subject to an interest charge, which will be quoted as a percentage

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

You will be kept up-to-date on the progress of your application by e-mail

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

The period of borrowing is for a short period (say less than 12 years) You are nearing retirement and want the security of guaranteeing the repayment of your mortgage

Interest Only Mortgage Advice

In most cases, it is simply not worth it

If you completed our application form, it will be passed to your chosen provider in order that they may process it

5%

Understandably this is due to protecting their investment

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility