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Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

Cashing in the plans early may result in financial penalties

Booking fees are often non-refundable, so if the mortgage applicant cancels the mortgage application before completion the fee will not be reimbursed

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

The period of borrowing is in excess of say 12 years

All formal letters and missives go to create the contract

Obviously, neighbours have the potential of making your life absolute hell; So if you have a doubts do not be afraid to ask

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

Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

Before the exchange of contracts, you will have to agree on a date for completion of purchase

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

It is important to note that the valuation is carried out on behalf of the lender – not the mortgage applicants! Frequently lenders include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation

Although both may vary, a deposit of between 5% and 10% is common, as is completion 28 days after exchange

In most cases, it is simply not worth it

For a borrower wanting one home for their finances this is an attractive option

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early