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Stage 3 - exchange of contracts A sale or purchase of property in England and Wales only becomes legally binding once the contracts have been exchanged

Cashback Mortgage Is a mortgage product, which provides a cash lump sum or a cash percentage of the mortgage amount to spend as you wish. The cashback amount is paid to the borrower shortly after completion.

CML - The The Council Of Mortgage Lenders is a trade association specifically for mortgage lenders in the UK and its members undertake around 98% of UK residential mortgage lending. It provides a service to mortgage lending institutions by helping to establish and maintain a favourable operating environment in the residential mortgage and related housing market.

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

First Time Home Buyers Buying your first home can be a daunting proposition

The money may only be drawn from a pension policy when the policyholder reaches retirement age

This may be due to a number of factors, but mainly occurs due to the condition of the property

Setting the completion date The standard time between exchange of contracts and completion is four weeks

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

Flexible mortgage rates overcome this problem by allowing the borrower to make both over and underpayments into the account

Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

Lenders charge interest on the amount you borrow, which is referred to as the Annual Percentage Rate (APR)

Will your furniture fit or will you need to redecorate as a result? Make note of any fixtures and fittings

A Guide to Unsecured Personal Loans Unsecured personal loans are offered by lending institutions such as banks and building societies

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser

The period an Early Redemption Charge applies can vary

This will prove handy at the time of making an offer

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

If your instincts tell you to leave it alone

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

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

This may reveal other factors that will not appear on any formal search

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

All formal letters and missives go to create the contract

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

This is usually linked to the amount of cashback provided

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

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

Each year the amount owed will decline