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However, most vendors are reluctant to take the hit on the full amount

Receives search results and deals with any problems revealed

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

Ensure that you know how the settlement figure is made up

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Know which location/s you prefer

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

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

Individuals utilising short-term finance arrangements to provide their deposit

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

ARLA - The The Association of Residential Letting Agents (ARLA) is a self-regulating body, which is solely concerned with lettings. In the event of unresolved disputes, the ARLA offers arbitration for landlords and tenants who use ARLA member firms. more info: http://www.arla.co.uk Arrangement Fee Sometime referred to as an Application Fee. The fee is an amount of moneylenders charge for arranging a mortgage. It may include administration costs and normally varies from one particular mortgage product to another.

the rates for telephone applications may be different from those for online applications

Preliminary Observations Ask about the cost of council tax and utilities with the seller

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

The lender will discuss the level of survey required, but at the very least will require a valuation of the property before agreeing to any mortgage advance

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

A previous buyer will only be too happy to get some of the survey costs back

Borrowers who anticipate rising interest rates

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

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

This tends to be between £25 - £50 and may be avoided if enough objections were made

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

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

Unfortunately not all estate agents are ethical in this area

Borrowers confident that the mortgage rate is likely to fall

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place