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Mortgage lenders require that neither the buyer nor the seller have a bankruptcy notice registered against them

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

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

The freedom to make additional payments up to the annual limits

As a result a lender may restrict the amount they are prepared to advance or place conditions on the advance

Negotiating face to face can be a very effective tactic

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

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

Payment holidays are permitted

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

These are often referred to as credit scoring facilities

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

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

OTHER FEATURES / CONDITIONS AND CHARGES ASSOCIATED WITH MORTGAGES Early Redemption Charge (sometimes referred to as a ‘redemption penalty’) Given that the mortgage market is very competitive many mortgages are sold as ‘loss leaders’ i

Any changes in the Bank of England base rate will be directly reflected in the monthly mortgage payments

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

Outline information is available free of charge, by entering a postcode

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

Another form of insurance is Mortgage Indemnity Guarantee

If a redemption fee does apply, all is not lost

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

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

Compulsory purchase orders

The period of borrowing is in excess of say 12 years

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

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

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance