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How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

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

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

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

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

More detailed reports are also available for a small fee

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

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

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

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Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

All lenders base their mortgage range around their variable rate of interest

Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

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

Flexible mortgage rates overcome this problem by allowing the borrower to make both over and underpayments into the account

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Check this out with your solicitor or lender

They should be included in the sale

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

This is an excellent option for the self employed

The premium is usually charged when borrowing is in excess of the amount the lender considers they can safely lend and be assured of their money being returned if any future financial problems occur

This had much to do with the amount of properties being repossessed at the time

The investment vehicle is entirely portable and can be taken with you to a new lender no matter how many times you might move

Get the first 3 months FREE on any premium

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

Generally anything between 1 and 25 year fixed rates are available