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Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

The inspection is limited to comparing the price being paid against similar property in the area and checking the general condition and location of the property

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

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

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

All lenders base their mortgage range around their variable rate of interest

This will depend on future investment performance

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

Payment is either up front, or added to the overall loan

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

Obviously, neighbours have the potential of making your life absolute hell; So if you have a doubts do not be afraid to ask

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

This may result in the property having to be sold to repay the debt owed

At anytime of the day or night

Some plans are tax-efficient

However it is possible to speed up the process by arranging a personal search

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

When viewing a property ask the question and try to establish a rapport with the seller

There are two main factors that influence the amount you are able to borrow

How long does your present fixed, discounted or capped rate last for

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

At this point a survey will need to be arranged so that a firm and informed offer may be made

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy

Disadvantages: Generally the rate will not be competitive in relation to the market

Borrowers who anticipate rising interest rates

The amount provided by the investment product cannot normally be guaranteed

c) A combination of the above

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

This is widely accepted as the most straightforward of the mortgage options

The value of these holdings will alter on a daily basis and can go down as well as up