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Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

When registering, be aware that you a likely to receive information on other services or products

A number of these flexible mortgages may also offer the ability to operate your mortgage account as a bank account with the option to make withdrawals in certain circumstances

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental propertyıs mortgage repayments (interest only)

At the very least a mobile phone

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

Are they in a chain? How quickly do they want to move? Ask if the agent has a sole agency agreement Having been satisfied with your initial enquiries, it is now time to book a viewing

The typical cost is £50 to £100 and the search is conducted by a solicitor

In such circumstances the borrower will be facing a significant increase in their monthly mortgage payment at the end of the discount benefit period

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

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

This means that all bank rates cuts are automatically passed on to the borrower

You may also speak to the seller directly

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

They are also useful for larger amounts or where the applicant requires a longer repayment period

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

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

The survey does not necessarily supply a property valuation, but it should highlight any defects that could end up costing a fortune to make good

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

Interest only

Charges can be significant

Know which location/s you prefer

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand