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It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

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

Examine these policies carefully

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

Once the ruling has taken place it will be recorded against the persons credit history and will appear every time a credit search is done for the next seven years

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

This is called a collar

See FAQs for more details

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

conducts a local authority search to highlight planning, financial and other charges affecting the property

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

Arriving at the property Before knocking, take a few moments to observe your first impressions

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

The typical rate is a rate that is offered to over 50% of successful applicants, and the exact rate offered to you will depend on your personal circumstances, the amount and term of the loan along with the credit assessment procedures