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Until the seller receives these funds, the buyer may not normally have access to the property

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

Further fees such as arrangement fees are also frequently experienced with this type of rate

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

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

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Demand for housing is higher than the property available

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

Some plans are tax-efficient

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

Poor Credit history can include County Court Judgements(CCJ), Bankruptcy, Mortgage arrears or any late payments on credit arrangements

Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

the rates for telephone applications may be different from those for online applications

There are limits applied to all contributions

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

Booking Fee and Arrangement Fee Both are up-front fees charges levied at the outset of the mortgage

A previous buyer will only be too happy to get some of the survey costs back

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

Self Certification Mortgages

A Self-Certification mortgage allows you to state your income without providing the usual documentary evidence providing that your mortgage falls within certain stated criteria

This is not an obligation to purchase the property

Cashing in the plans early may result in financial penalties

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

Either party is liable for legal action in breach of contract