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At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

Therefore, a reputable agent will forward all offers to their client even if these are made after an offer has been accepted

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

There is potential for higher returns than endowments

For a mortgage secured on a property, insurance may be required

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

It is worth noting that the average property purchase price in the UK has now hit over £100,000

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

More detailed reports are also available for a small fee

The typical rate is a rate that is offered to over 50% of successful applicants, and the exact rate offered to you will depend on your personal circumstances, the amount and term of the loan along with the credit assessment procedures