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The seasoned mover is likely to have learnt from past experiences to exactly that

Current Account Mortgage

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

Initial property enquiries This is where much time involved in selling and buying is wasted

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

They are not secured against property or other assets

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

In many cases if approached sensibly, a happy medium can be reached

The seller needs to move fast

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental property¹s mortgage repayments (interest only)

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

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

Some sellers prefer to keep their property on the market until exchange of contracts so that if the transaction falls through, they have a back-up buyer

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

There are many reasons why a seller may want a quick sale

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

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

Has it been recently decorated? Does it require any major work or modernisation? Ask what else is included in the sale

Plus the number of rooms in your existing home

The experienced agent is likely to be skilled in the art of negotiation and know what buttons to press

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

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

Mortgage Endowment Policies

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

It may be that there is more or less demand on a certain type of property or particular estates/areas

For example, the variable rate may be 5% with a discount of 1

Some short term discount products offer a ‘deep discount’ e

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case