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Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

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

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

A separate life policy will be required in most cases

The redemption fee payable is often up to six times you currently monthly repayments

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

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

They should be included in the sale

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

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

Sometimes it will match the period of the discount/fix but often it can go beyond the benefit period e

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

Arriving at the property Before knocking, take a few moments to observe your first impressions

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

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 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

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

Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

Normally the cashback is offered as a package of benefits e

This may reveal other factors that will not appear on any formal search