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With Profits – here the monthly premiums are pooled with other investors

It acts as a form of insurance for the lender not the borrower

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

Find out what else is included in the sale

Your mortgage lender will insist on a property survey before approving your mortgage

the rates for telephone applications may be different from those for online applications

Your local borough council or solicitor will be able to provide you with the exact cost

The policy is usually highly portable and allows free movement from lender to lender

12 weeks to go Try starting a notebook to record details

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

(Gazumping)

This form of insurance is not compulsory

Preliminary Observations Ask about the cost of council tax and utilities with the seller

A seller may ask you to negotiate specific issues or accept your offer in full; In which case by Scottish Law you are fully committed to the purchase

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

Neighbours - are you inheriting a problem? During the process of creating the draft contracts the seller completes a questionnaire from their solicitor

Whether the property is a listed building or in a conservation area

Buy to Let Mortgages

Exposure to interest rate rises

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

This is usually linked to the amount of cashback provided

If you are considering protecting your repayments in the event of accident, sickness, unemployment or death, why not browse our Income Protection finder

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

This tends to be between £25 - £50 and may be avoided if enough objections were made

The plan holder can then draw a pension from the balance of the fund

On-line conveyancing On-line conveyancing is one of the latest improvements in the legal process of buying and selling

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

This possibility alone was enough to dissuade many people from becoming private landlords in the past

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

Ask why the current owners are selling the property

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