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You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

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

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

If you are obtaining a mortgage then your solicitor will need to prepare a Standard Security, giving your mortgage provider certain rights over the property

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

Endowments provide life assurance so that in the event of death the mortgage is paid off

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

Disadvantages: Unexpected increases in payments at term end

The way lenders quote interest rates varies

Your solicitor should be able to advise you on the current search time

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

These are often referred to as credit scoring facilities

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

Providing the product has a red apply icon, you can submit your application without leaving our site

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

It may also indicate how genuine the sellers are

At the end of the policy term there will be a final one off bonus called the terminal bonus which may in some instances represent a large proportion of the borrowers final pay out

The first of these relates to the current market value of the property to which the mortgage relates

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

Note, the fee is usually non-refundable

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

Be prepared

What limitations apply to your current mortgage rate

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

Ask about the sellers position