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Much depends on the agent, the seller and your confidence in your negotiation skills

Irrespective of movements in the interest rate your monthly payments will not change

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

Considering the current market conditions Excluding the property itself, the current condition of the national market is a significant factor in the process of negotiation

29% 2 year fixed fee free, no extended ties

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

With discount mortgages borrowers need to watch out for ‘payment shock’

Anywhere between 1% and 12% cashback has been available

Your lender agrees a set rate of interest for a specified period of time

There has been a previous price reduction on the property

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

The key advantage is that you should be able to track the process of the purchase online

All mortgage lenders require an official search to be carried out

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

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

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

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

Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

STEP 1 - WHICH LOAN? Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

More detailed reports are also available for a small fee

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