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Unfortunately not all estate agents are ethical in this area

It is still possible to have up-front charges for discounted products and an Early Redemption Charge is common

Without an appraisal, it is going to be difficult to plan ahead

If significant defects are identified, the surveyor may suggest further investigation by an specialist

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

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

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

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

This also means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit can take out a loan

2% fees-free offset mortgage

A flexible mortgage linked to a current account

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

Lenders will also use credit reference agencies to obtain information about you

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

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

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

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

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

Capped Rate Mortgage

Some will allow for bonuses and some will only allow 50% of bonus

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

Some plans are tax-efficient

Suitability: A variable rate mortgage is the most suitable option in a limited number of circumstances the most common being those identified below: Individuals borrowing money over the very short term anticipating repaying the loan early and not wishing to incur redemption penalties on all or part of the loan

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

In many cases, lenders offer different rates depending on the method by which you apply

Imagine each room empty

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

See FAQs for more details

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower