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Borrowers paying the Standard Variable Rate will have their payments increase or decrease as the lender adjusts the rate in accordance with market conditions

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

Repayment mortgage With a repayment mortgage you repay, normally on a monthly basis over an agreed term, the money you have borrowed (known as capital) plus the interest charged by the lender

Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

This final bonus is not guaranteed in any way

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

The above rates are a sample of the range of rates currently available and figures are correct at the time of going to the Internet

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

If you had planned on having any new furniture or appliances, order them now and if possible withhold delivery until you know exactly when you are moving in.

Are they in a chain? How quickly do they want to move? Ask if the agent has a sole agency agreement Having been satisfied with your initial enquiries, it is now time to book a viewing

Remember, it is your responsibility to get the correct sum insured

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

This may have the effect of reducing the length of time it takes to repay your mortgage

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

Last but not lease a Structural or Building survey which are recommended for period homes or properties of unusual construction

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

If asked, the seller will let you know how they would like to proceed

Normally a lender will require a non-refundable booking fee in advance to reserve this option

5%

Before the exchange of contracts, you will have to agree on a date for completion of purchase

No further funds can now be put into Personal Equity Plans

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

ARLA - The The Association of Residential Letting Agents (ARLA) is a self-regulating body, which is solely concerned with lettings. In the event of unresolved disputes, the ARLA offers arbitration for landlords and tenants who use ARLA member firms. more info: http://www.arla.co.uk Arrangement Fee Sometime referred to as an Application Fee. The fee is an amount of moneylenders charge for arranging a mortgage. It may include administration costs and normally varies from one particular mortgage product to another.

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

It is worth noting that the average property purchase price in the UK has now hit over £100,000

damp and timber reports, planning consents for alterations and extensions

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

It will cover problems such as collapse or serious distortion of floor joists or the roof

You have an offer on your property - The further into the processes of selling your home, the better

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

The opportunity to take payment holidays without incurring large penalties