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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 good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

Before making an advance, your mortgage lender will require a valuation report as a minimum

coal mining search to check for subsidence; check to see if there are some planned major road developments going through the back garden etc

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

Surveys come in three forms: Valuations, usually undertaken by the lender

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

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.

Overtime and commission may be treated similarly

Compare mortgage rates to find your ideal mortgage, or see how much you could save by changing lenders and re-mortgaging

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

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

Avoidance of early redemption penalties

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

A seller may ask you to negotiate specific issues or accept your offer in full; In which case by Scottish Law you are fully committed to the purchase