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Disadvantages: Unexpected increases in payments at term end

There has been a previous price reduction on the property

The period an Early Redemption Charge applies can vary

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

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

A booking fee will normally be required with the application form

Ask how long has the property been on the market and if there has been a price reduction

This may be an expensive choice, as in the vast majority of cases Just are able to significantly reduce your mortgage rate, although it is of course imperative to consider the potential cost of any redemption penalties on your existing mortgage

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

Charges can be significant

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

Proceedings relating to any infringement of building regulations

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

At Just we can complete a full analysis of the market using the most up to date information available

Commonly these will be between 3 and 3

Know which location/s you prefer

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

Are there any guarantees not held with the title deeds? i

A valuation of the property is supplied based on the approximate market value of the property

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

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

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

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

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

Exposure to interest rate rises

For a mortgage secured on a property, insurance may be required

With discount mortgages borrowers need to watch out for ‘payment shock’

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 lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

A survey carried out by the mortgage lender should indicate what sum to insure

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry