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Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

5%

As a result a lender may restrict the amount they are prepared to advance or place conditions on the advance

The moving in day is likely to be one of the most memorable days in connection with the property, so we hope our planner goes some way in making your move more pleasurable

Find out what else is included in the sale

More detailed reports are also available for a small fee

This rate is known as the Annual Percentage Rate (APR)

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

Your local agent can give you a good idea here

Mortgage lenders require that neither the buyer nor the seller have a bankruptcy notice registered against them

Proceedings relating to any infringement of building regulations

With this type of mortgage, interest may be calculated on a daily or weekly basis

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

For a mortgage secured on a property, insurance may be required

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

Receive replies to questions raised and reports to you with the contract for signing

At anytime of the day or night

Normally just complete a form online and a price is given

where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of ‘insurance’ to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears

This is referred to as a ‘redemption overhang’

Personal loans are repayable monthly

Flexible mortgage rates overcome this problem by allowing the borrower to make both over and underpayments into the account

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

In most cases, it is simply not worth it

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

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

A separate life policy will be required in most cases

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Written quotations are available on request

Stamp Duty You are required to pay a Government tax (Stamp Duty) on a property priced above £60,000