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The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

a) Inform the vendor/agent about the dilemma to see if an agreement can be made regarding a reduction in the sale price

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

Note, the fee is usually non-refundable

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

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

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

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A survey carried out by the mortgage lender should indicate what sum to insure

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

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

The valuation does not represent a detailed inspection

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

This will vary between lenders and products

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

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

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

Most lenders have a different name for this charge i

the mortgage has to be held for a number of years before the lender breaks into profit

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

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