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The cost of the survey is usually between £150 and £300 and provides a more in-depth inspection of a property

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

It is important to note that you will still need to fund the shortfall in the advance at completion, albeit on a shorter term basis

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

Interest only

Indeed with enough credit you can take a payment holiday

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.

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Lenders will also use credit reference agencies to obtain information about you

How long they been there and have there been any disputes? Internal Observations Does the property have central heating? If so, check when it was installed and last serviced

Put the owner on the spot and see what reaction you get

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

Ensure that you know how the settlement figure is made up

Pay particular attention to buildings insurance

When viewing we always suggest taking someone with you for a second opinion as well as your own safety

insurance and finance

Whereas in Scotland, the survey is completed before making a formal offer

Conditional planning permissions granted

Whereas, on a mortgage where the interest is being calculated on a daily basis, any over-payment reduces the mortgage balance immediately hence the borrower will be charged less interest from the next day

The area of self-certification mortgages is a relatively new one which is proving popular due to the changing working environment

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

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

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

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

Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

There has been a previous price reduction on the property

They are usually covered by professional indemnity insurance, which means costs can generally be recouped if things go wrong

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

Typically a borrower will be locked-in for 5 to 7 years where a substantial cashback has been paid