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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

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

Making an offer is one of the more stressful parts of buying a home

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

In either case the difference will need to be found before completion

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

This will depend on future investment performance

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

5% on a normal lending limit of 75% loan to value

Offers are invited above the stated price

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

The interest rate can fluctuate and is not fixed at the initial rate of interest

The initial pay rate would therefore be 3

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

Alternatively the title deeds will be sent to the mortgage lender in the case of raising finance for the purchase

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

With this type of mortgage, interest may be calculated on a daily or weekly basis

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

However should rates decrease the borrower will benefit from lower payments

Setting the completion date The standard time between exchange of contracts and completion is four weeks

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

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

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

Individuals utilising short-term finance arrangements to provide their deposit

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term