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The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

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

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

Endowments provide life assurance so that in the event of death the mortgage is paid off

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

How long they been there and have there been any disputes? Internal Observations Does the property have central heating? If so, check when it was installed and last serviced

ISA The Individual Savings Account (ISA) is a tax free method of saving

Title searches at the Land Registry will also be carried out

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

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

After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

a first-come, first-served fixed rate

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

APR may vary

Tree preservation orders

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser