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the mortgage balance minus the positive balance held in the current account

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

rooms, style, new or old etc

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

This payment adjustment in many cases will not occur until the lender conducts the annual review of the loan account

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Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions

Unfortunately not all estate agents are ethical in this area

If the property was purchased outright, the buyer keeps the deeds

Surveys come in three forms: Valuations, usually undertaken by the lender

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

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

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

At this point a survey will need to be arranged so that a firm and informed offer may be made

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

Homebuyers survey This is the most popular form of survey and is intended for use on conventional types of property

If using a removal firm we suggest obtaining several quotes first

Neighbourhood checks - Online property checks It is now possible to obtain information online regarding the local area of the intended property purchase

The amount available usually ranges from £500 to £25,000 over a term of 6 months to 10 years

At least you then have the information regarding how the seller would rather proceed

It is common practice for lenders to pass this charge on to the borrower

If asked, the seller will let you know how they would like to proceed