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This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

The first of these relates to the current market value of the property to which the mortgage relates

The amount borrowed is subject to an interest charge, which will be quoted as a percentage

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

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

Check it out and see how the neighbourhood is rated

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

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

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

Borrowers who anticipate rising interest rates

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

Once all documentation is in order (after checking with you and your lender) the solicitor will send the title deeds for recording in the Register of Sassines or registration in the Land Register of Scotland

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

you as a loyal customer with a new loan

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

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

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

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

At the very least a mobile phone