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Avoidance of early redemption penalties

Arrangement fees are common on fixed and capped rate mortgages

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

Offers are invited above the stated price

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

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

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.

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

Switching between provider can only be completed on an annual basis and penalties may be incurred

Most lenders and insurance companies offer a combined Buildings and Contents Policy

In such circumstances the borrower will be facing a significant increase in their monthly mortgage payment at the end of the discount benefit period

More detailed reports are also available for a small fee

Buildings survey Also known as a structural survey

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

Mortgage Intermediary A firm, organisation or individual, which helps you to choose a mortgage and introduces mortgage applications to lenders. Mortgage intermediaries are for example, mortgage brokers, estate agents, independent financial advisers, solicitors, accountants and life assurance companies. Their role is to search a range of lenders on your behalf for the best deal. Intermediaries usually receive a fee for arranging the mortgage

Moving House & Your Mortgage Completing all the formalities involved with moving house can be an arduous task and as such many people choose to stay with their existing lender rather than seeking out a new deal for their amended mortgage

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

Ask about the sellers position

Requests your deposit

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower