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

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

The following planner will help focus on what needs be done and when

Other factors may well be involved

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

4% off for 1 year

Current Account Mortgage

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

The value of these holdings will alter on a daily basis and can go down as well as up

Cashback Mortgage Is a mortgage product, which provides a cash lump sum or a cash percentage of the mortgage amount to spend as you wish. The cashback amount is paid to the borrower shortly after completion.

CML - The The Council Of Mortgage Lenders is a trade association specifically for mortgage lenders in the UK and its members undertake around 98% of UK residential mortgage lending. It provides a service to mortgage lending institutions by helping to establish and maintain a favourable operating environment in the residential mortgage and related housing market.

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

In many cases if approached sensibly, a happy medium can be reached

Individuals utilising short-term finance arrangements to provide their deposit

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

There is no guarantee with this type of mortgage

Ask why the current owners are selling the property

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

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

Some short term discount products offer a ‘deep discount’ e