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This may be due to a number of factors, but mainly occurs due to the condition of the property

All mortgage lenders require an official search to be carried out

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

Fixed Rate Mortgage

Specific questions which may cover issues such as disputes with neighbours, alterations to the property, etc

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

The above rates are a sample of the range of rates currently available and figures are correct at the time of going to the Internet

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Location : Normally an agent will ask for a number of areas Do you need finance? If not how are you financing the purchase? Is it dependant on selling a property? If you have registered with an agent and your not getting any details

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

Bankrupt A Corporation, Firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court

Basically it is any item that is not firmly attached to the house that is counted as a moveable

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Discounted Rate Mortgage

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

Plus the number of rooms in your existing home

Disadvantages: Associated redemption penalties are restrictive

These will be provided for in the initial agreement

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

Redemption penalties can prevent restructuring of your mortgage and associated finances

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Individuals utilising short-term finance arrangements to provide their deposit