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Charges can be significant

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

Ensure that you know how the settlement figure is made up

If you want to continue, find out if the previous buyer had completed the searches or any survey

It is common practice for lenders to pass this charge on to the borrower

This may reveal other factors that will not appear on any formal search

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

All mortgage lenders require a survey, some more thorough and detailed than others

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

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

If the plan is not reaching its expected target, the borrower can increase payments into the policy or invest in another product to cover any anticipated shortfall

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

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

Receives search results and deals with any problems revealed