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However it is possible to speed up the process by arranging a personal search

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership

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

The interest rate can fluctuate and is not fixed at the initial rate of interest

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

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

The second influence on the amount you can borrow is your current level of income

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

Advice on Affording a Mortgage

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

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OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

This is called a collar

All mortgage lenders require a survey, some more thorough and detailed than others

Not all buyers pull out as a result of the condition of property itself, but it is worth noting that further enquiries should be made as to the reasons for a previous buyer pulling out

Be prepared

If you have any doubts check with the lender

Get advice on all types of loans, compare rates, or apply for a loan online

The redemption fee payable is often up to six times you currently monthly repayments

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

At anytime of the day or night

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

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

Compare the property with surrounding properties

Borrowers with new loans only get the interest paid after waiting for nine months

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

Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

If you are unsure, talk to local estate agents and solicitors

In return for an annual or monthly premium the insurance company will cover the cost of replacing or repairing an item that is lost, stolen or damaged

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand