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Look out for fixed features in the garden such as greenhouse, garden sheds, birdbaths, statues etc

Borrowers confident that the mortgage rate is likely to fall

It acts as a form of insurance for the lender not the borrower

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs

In the longer term, with flexible mortgage rates, you should see the reduction of the amount owing occurring more quickly than a standard mortgage

Further fees such as arrangement fees are also frequently experienced with this type of rate

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

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

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

It is normal for lenders to charge up-front fees in the form of booking and/or arrangement fees

5 to 3 times joint income

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

How long does your present fixed, discounted or capped rate last for

The way lenders quote interest rates varies

Equally, you may consider whether the most suitable mortgage vehicle for the future would be a repayment or interest only mortgage (see our Guide to your Mortgage Repayment Options) and this may be related to the prospect of remaining in the same house for the remaining term of your mortgage

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

If you are obtaining a mortgage then your solicitor will need to prepare a Standard Security, giving your mortgage provider certain rights over the property

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

The redemption fee payable is often up to six times the currently monthly repayments

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

5%

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

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

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

This final bonus is not guaranteed in any way

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage