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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

Normally the cashback is offered as a package of benefits e

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

The first of these relates to the current market value of the property to which the mortgage relates

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

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

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Remember, it is your responsibility to get the correct sum insured

In return for an annual or monthly premium the insurance company will cover the cost of replacing or repairing an item that is lost, stolen or damaged

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

Ability to benefit from rate cuts as they occur

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

It may be possible to renegotiate the price of the property taking into account to costs of any work required