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Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

Written quotations are available on request

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

Irrespective of movements in the interest rate your monthly payments will not change

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

There are many reasons why a seller may want a quick sale

There are limits applied to all contributions

Free Valuation or Refund of Valuation A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes

The money may only be drawn from a pension policy when the policyholder reaches retirement age

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

Buyers Market

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

Whether the property is a listed building or in a conservation area

They will also find that the mortgages they can get will be at a higher interest rate

What limitations apply to your current mortgage rate

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

Local authority searches Personal Searches Dependent on the local authority, searches can take up to six weeks

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

Endowments provide life assurance so that in the event of death the mortgage is paid off

Arriving at the property Before knocking, take a few moments to observe your first impressions

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

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

Normally just complete a form online and a price is given

The way lenders quote interest rates varies