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This protects the lender in case you do not repay the loan and your home has to be repossessed

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

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

On your mortgage statement, normally received annually, you will see that the amount borrowed decreases throughout the term

The way lenders quote interest rates varies

We are experts in finding mortgages and loans for people with a problem, or poor credit history

Buildings survey Also known as a structural survey

The standard period is 14-28 days after exchange

For more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

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

Sometimes capped mortgages have a level below which interest rates cannot fall

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

Check this out with your solicitor or lender

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.

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

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

It is a basic inspection undertaken by a valuer on behalf of the lender for the purpose of determine whether a property is a sound investment on their behalf

Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

Know which location/s you prefer

This may significantly increase the chances of your offer being accepted

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

Ensure that you know how the settlement figure is made up