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Before making an advance, your mortgage lender will require a valuation report as a minimum

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

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

You are not looking for a guarantee of repayment at the end of the mortgage term

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

Plus the number of rooms in your existing home

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

Buyers Market

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

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

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Most lenders and insurance companies offer a combined Buildings and Contents Policy

Not many people know that another way to find out if there have been any disputes is to visit the local council and request information pertaining to the property

Unless these payments are guaranteed then as a rule of thumb expect that 50% will be taken into account

rooms, style, new or old etc

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

The Association of Residential Letting Agents (ARLA) says most landlords should be able to obtain gross rent equivalent to between 130% and 150% of the rental propertyıs mortgage repayments (interest only)

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

g Loans for holidays may be restricted to a 12 or 24 month term)

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term

In such cases there are three possible routes of action that may be of help

In many cases if approached sensibly, a happy medium can be reached

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

The redemption fee payable is often up to six times the currently monthly repayments

Cashback The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours