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If you have a mortgage, the lender will insist that you take out this type of policy

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

It should be noted that individual savings accounts are relatively new products and as with any piece of new legislation there is always some degree of uncertainty over its long term future

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

Which way is the property positioned? East facing rooms will receive more sun in the morning; West-facing rooms will be brighter in the afternoon

Advice on Affording a Mortgage

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

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

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

How long does your present fixed, discounted or capped rate last for

Title searches at the Land Registry will also be carried out

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

Possibility of losing out should interest rates fall below your agreed rate

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

The opportunity to take payment holidays without incurring large penalties

It is normal practice to specify in an offer exactly what moveables you want to ensure that these are included in the sale and that there is no room for miss interpretation

Check it out and see how the neighbourhood is rated

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

insurance and finance

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

They deal with surveyors every day and should be able to recommend a good one

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property

Until the seller receives these funds, the buyer may not normally have access to the property

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

Gain an advantage view point of the roof - Does it bow or are there any tiles missing? Are there signs of any glass being recently replaced or damage to external doors? Possibly indicating signs of break-in

Compare mortgage rates to find your ideal mortgage, or see how much you could save by changing lenders and re-mortgaging