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Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

The cost can easily add over £1,000 to the total bill and is either paid up front or added to the overall loan

Anywhere between 1% and 12% cashback has been available

The opportunity to take payment holidays without incurring large penalties

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

You only get this if you qualify for income support

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

You are then free to move into your new home

For example, setting the price range on your next home

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

There has been a previous price reduction on the property

Be aware that making an offer may have legal consequences for you

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

Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

It is worth noting that the average property purchase price in the UK has now hit over £100,000

Advantages: Monthly payments can adapt to the level of monthly income you receive

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

Including gas and electric suppliers and insurance companies etc

Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

Especially considering that they had gone to the expense of paying for a building survey

All lenders will insist on Buildings Insurance as the very minimum

For a mortgage secured on a property, insurance may be required

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

In certain instances the valuation figure returned by the surveyor may not equal the purchase price

Avoidance of early redemption penalties