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

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

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

The policy is usually highly portable and allows free movement from lender to lender

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

This mainly occurs in a sellers market or where the property is of rare value

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

Cashing in the plans early may result in financial penalties

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

Further fees such as arrangement fees are also frequently experienced with this type of rate

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

Indeed with enough credit you can take a payment holiday

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

Normally a lender will require a non-refundable booking fee in advance to reserve this option

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

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

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

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Each year the original capital sum will remain outstanding

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

Has it been recently decorated? Does it require any major work or modernisation? Ask what else is included in the sale

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

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy