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Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

These mortgages take the benefits of the flexible mortgage and use the funds held in the current account to offset the interest e

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

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It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

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

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

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

So ask and make it a condition of any offer

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

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

Watch out – the ERC can sometimes last longer than the fixed rate period e

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

Some plans are tax-efficient

The potential for your rate to reduce unlike the fixed rate mortgage

Flexible mortgage Cashback Fixed Discounted Capped

It is worth noting that the average property purchase price in the UK has now hit over £100,000

The key thing is to talk with your lender

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

Buyers Market

Especially considering that they had gone to the expense of paying for a building survey

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

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

All lenders will insist on buildings insurance as the very minimum

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

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