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One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

Initial property enquiries This is where much time involved in selling and buying is wasted

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Let your lender know your intentions and ask under what circumstances may they be prepared to waver the redemption fee

Any changes in the Bank of England base rate will be directly reflected in the monthly mortgage payments

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

a 5 year discount with a 7 year ERC

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

APR may vary

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

coal mining search to check for subsidence; check to see if there are some planned major road developments going through the back garden etc

For borrowers moving house regularly, this can result in little of the capital being paid off

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

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

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

1 week to go Pay all local milk/paper bills. Cancel any services, e.g. window cleaner, milkman, newspaper delivery. Return videos/library books/pick up dry-cleaning. Drain petrol/oil from any garden equipment. Prepare directions for removals company. Confirm final details with them and include contact/mobile numbers for you throughout the day. Make sure all the utilities at your new home will be fully functional for when you move in.

More detailed reports are also available for a small fee

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

The market conditions are in your favour (see details above)

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage

As you would expect lenders apply an Early Redemption Charge with cashback mortgages