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If you have a mortgage, the lender will insist that you take out this type of policy

We are completely independent and have access to every lender and product on the market

Buyers should check carefully any property they wish to buy for such restrictions

There are some important facts to understand about the mortgage indemnity charge

Annual Versus Daily Interest Rate Calculations Some lenders offer mortgages with daily or with annual interest. The best option depends on your personal circumstances, for example if you know you will want to make overpayments or regular capital payments on your mortgage, you should probably consider a daily interest type mortgage. However, if flexibility of payment is not a requirement, annual interest may be more appropriate.

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy

Investment backed mortgage With this method you pay interest only to the lender and separately take out a suitable investment to repay the capital at the end of the mortgage term

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

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

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

The level of taxation rises according to the property/land price

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

This means that a mortgage with, for example, a discount to 31st January 2006 will have a redemption charge to either the same date or a date prior to this

As you would expect lenders apply an Early Redemption Charge with cashback mortgages

The amount borrowed is subject to an interest charge, which will be quoted as a percentage

Some websites are also offering information about local schools, crime rates, and average property prices

For more information see: Searches - what they should highlight Land registration The Land Registration fee will cost from £40 to £800

Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value

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

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

Proceedings relating to any infringement of building regulations

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

Without an appraisal, it is going to be difficult to plan ahead

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

The potential for your rate to reduce unlike the fixed rate mortgage

These are known as regulated loans

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