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Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

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

There are more properties on the market than there are buyers

This may have the effect of reducing the length of time it takes to repay your mortgage

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

This will prove handy at the time of making an offer

They are not secured against property or other assets

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

Most recent mortgage statement or a redemption statement from your lender

This is referred to as a ‘redemption overhang’

Borrowers with new loans only get the interest paid after waiting for nine months

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

Note any parking facilities or restrictions

Exposure to interest rates

It is a basic inspection undertaken by a valuer on behalf of the lender for the purpose of determine whether a property is a sound investment on their behalf