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Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

DISADVANTAGES There may be financial penalties for making lump sum/overpayments into your mortgage account

Understandably this is due to protecting their investment

Suitability: A variable rate mortgage is the most suitable option in a limited number of circumstances the most common being those identified below: Individuals borrowing money over the very short term anticipating repaying the loan early and not wishing to incur redemption penalties on all or part of the loan

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

Ask about the sellers position

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

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

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

It is a basic inspection undertaken by a valuer on behalf of the lender for the purpose of determine whether a property is a sound investment on their behalf

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

Sewers and drainage

This may reveal other factors that will not appear on any formal search

They should be included in the sale

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts