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At the very least a mobile phone

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

(Gazumping)

Buyers Market

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

This is an excellent option for the self employed

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Payment holidays are permitted

With this type of mortgage, only the interest is paid off with each mortgage payment

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

Sewers and drainage

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

Ask about the reason for the sale

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

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

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

insurance and finance

This will contain a number of conditions and other requirements that your solicitor will discuss with you

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

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If remedial work is required ask the owner if they have had any quotes

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

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

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

Suitability: An endowment policy is the most suitable option in a number of circumstances the most common being those identified below: You are a higher rate taxpayer and have utilised all your annual ISA allowance

If you are mortgaging the purchase of your property then the lender will make it a condition that you take out their Mortgage Indemnity Insurance

At the end of the term, therefore, you will need to repay the capital

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction