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The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

Check for built-in appliances

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

The offer includes the purchase price, date of entry, alterations and specialist works together with any inclusions such as carpets and curtains etc

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

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

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

If your instincts tell you to leave it alone

Arriving at the property Before knocking, take a few moments to observe your first impressions

The money is then paid back to the Lender over a fixed period of time together with accrued interest

The typical cost is £50 to £100 and the search is conducted by a solicitor

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

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

APR may vary

This may include: Accidental building damage, for example spilling paint down a wall or on your patio

Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges

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

The deed of transfer is prepared and approved and if the buyer has raised finance a mortgage deed is prepared

Outline Information is available free of charge, by entering a postcode

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

The capital amount is to be repaid at the end of the period agreed

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time