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There is no guarantee with this type of mortgage

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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

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

The plan holder can then draw a pension from the balance of the fund

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

Conditional planning permissions granted

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

Depending on the amount of loan and the LTV the Mortgage Indemnity Guarantee charge can be a significant cost e

Listing all the contacts involved in the move

A separate life policy will be required in most cases

This rate is known as the Annual Percentage Rate (APR)

Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

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

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

the mortgage balance minus the positive balance held in the current account

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 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

a 5 year discount with a 7 year ERC

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

Individuals utilising short-term finance arrangements to provide their deposit

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

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

Flexible mortgage Cashback Fixed Discounted Capped

Fortunately there are a number of mortgage deals promoted by lenders aimed specifically at first time buyers

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

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

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Garden Cover - While most buildings insurance provide cover for patios, paths and driveways