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All lenders will insist on Buildings Insurance as the very minimum

Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

Your mortgage lender will insist on a property survey before approving your mortgage

If a redemption fee does apply, all is not lost

The market conditions are in your favour (see details above)

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

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

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Frequently they can be added to the mortgage hence the fee does not become an ‘out of pocket’ expense

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

Suitability: The interest only mortgage option is suitable in a number of circumstances the most common being those identified below: You do not mind taking some degree of financial risk

Note any parking facilities or restrictions