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It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

At anytime of the day or night

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

Charges can be significant

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

Tree preservation orders

How much do these policies cost? Expect to pay around £5 for every £100 of your mortgage bill

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

Suitability: The flexible mortgage option is suitable in a number of circumstances the most common being those identified below: Self employed or contract workers

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

Choosing a surveyor Reputable surveyors will confirm an instruction in writing with details of costs, qualifications and the nature of the instruction

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

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

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

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Be aware that valuations are just that - they are not a full structural survey

Neighbours - are you inheriting a problem? During the process of creating the draft contracts the seller completes a questionnaire from their solicitor

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

Suitability: An endowment policy is the most suitable option in a number of circumstances the most common being those identified below: You are a higher rate taxpayer and have utilised all your annual ISA allowance

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

Each year the amount owed will decline