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These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

Assuming that you have your financial preparations in place (a mortgage in principle)

If you want to continue, find out if the previous buyer had completed the searches or any survey

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional

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

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

5%

Compulsory purchase orders

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

Most lenders and insurance companies offer a combined Buildings and Contents Policy

Variable Rate Mortgage

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

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

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

These are known as regulated loans

This protects the lender in case you do not repay the loan and your home has to be repossessed