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Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

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

Your solicitor should be able to advise you on the current search time

If you are considering protecting your repayments in the event of accident, sickness, unemployment or death, why not browse our Income Protection finder

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

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

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

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property

Take the time to get up a little earlier and start your school or office run from the intended property

Put the owner on the spot and see what reaction you get

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

This is a fantastic time saver

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’