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Most insurance companies will have extended buildings cover options which are well worth considering

Discounted Rate Mortgage

If you are mortgaging the purchase of your property then the lender will make it a condition that you take out their Mortgage Indemnity Insurance

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

Ask about the reason for the sale

Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

It is a basic inspection undertaken by a valuer on behalf of the lender for the purpose of determine whether a property is a sound investment on their behalf

See below for more information about these features

You are then free to move into your new home

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

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

There is potential for higher returns than endowments

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

Disadvantages: Associated redemption penalties are restrictive

Garden Cover - While most buildings insurance provide cover for patios, paths and driveways

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

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

Let your lender know your intentions and ask under what circumstances may they be prepared to waver the redemption fee