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Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

Not only will an estate agent take you more seriously, but the seller will feel more comfortable and have more confidence that you are not time wasting

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.

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

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

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

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

Insurance It is essential to take out the proper insurance and it must commence upon exchange of contracts

See FAQs for more details

This can be of great advantage in determining outline information before you go to the time and expense of having a survey and local searches made

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

That is: Consider what type of mortgage you require and then find a mortgage lender you feel can offer you the best deal

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

You never know, it could be a deciding factor involved in your decision to purchase or not

The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

This mainly occurs in a sellers market or where the property is of rare value

Your local agent can give you a good idea here

If you are refused a personal loan or wish to make enquiries concerning your own credit file, you can apply to the credit reference agencies for a copy of your credit file

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

An investor may only hold one of each Mini in any tax year

Save £s on your buildings and home contents insurance

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

Redemption Redemption of a mortgage is the process of discharging a mortgage by paying off the loan. Paying off a mortgage before the end of a mortgage term is referred to as ‘early redemption’ or ‘early repayment’ and may incur an early redemption fee. This fee may be as much as six times your normal monthly payments. There is a greater chance of incurring these fees when redeeming in the first 1-5 years of the mortgage term Residential Leases Can either be short term (typically six months or one year) or long term. A long-term lease can extend as long as 999 years. The length of the lease will affect the value of a property. If it is a short lease or anything much less than 100 years, this will be reflected in the value of the property This means that some short term leases can be seen as very good value, but effectively become rentals.