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Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Are there any guarantees not held with the title deeds? i

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

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

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

Negotiation with a lender is possible

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

Reductions or increases in the rate will result in a direct increase or decrease in the monthly payment to the lender

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Customers cashing-in an endowment policy in the first few years after inception can receive less than the amount invested

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

In such circumstances the borrower will be facing a significant increase in their monthly mortgage payment at the end of the discount benefit period

In most cases, it is simply not worth it

Most recent mortgage statement or a redemption statement from your lender

Take the time to get up a little earlier and start your school or office run from the intended property

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

Ask about the reason for the sale

After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

This will prove handy at the time of making an offer

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

Plus the number of rooms in your existing home

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

Generally, secured loans are much easier to obtain than unsecured loans

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

Not many of us are likely to do it, but it can give you a good idea of what your possible future neighbours may be like

Hence an applicant paying for a valuation and then not proceeding due to, say, a poor valuation, will not have their valuation fee refunded