residential, unsecured loan uk

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Ensure that your solicitor is aware of the survey and any other information you have learned about the property

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the 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.

Particularly furnishings and fittings,

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

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

Advantages: The fixed rate provides the security of knowing the exact monthly cost of your loan for a set period

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It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

This may mean that you require a scheme which permits lumps sum payments to reduce the mortgage or may be seeking to combine both your current account and mortgage borrowings in the same financial product

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

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

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

At anytime of the day or night

In return for an annual or monthly premium the insurance company will cover the cost of replacing or repairing an item that is lost, stolen or damaged

Assessments are generally made very quickly based on your personal circumstances

This service is subject to a small fee, and is available by contacting: Experian Ltd Online: wwwukexperiancom/consumer Telephone: 0870 241 6212 Post: Consumer Service Help Centre Experian Ltd PO BOX 8000 Nottingham NG1 5GX Equifax PLC Online: wwwequifaxcouk Telephone: 0870 010 0583 Post: Credit File Advice Centre PO BOX 3001 Glasgow G81 2DT If you are experiencing problems with your credit you may wish to contact the following companies for some help and advice

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

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

If the rate offered is a variable rate, it may rise or fall in line with any base rate changes during the term

Current Account Mortgage (CAM)

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

The cost of this is therefore to be taken into account when selecting a lender

What limitations apply to your current mortgage rate

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

Equally, you may consider whether the most suitable mortgage vehicle for the future would be a repayment or interest only mortgage (see our Guide to your Mortgage Repayment Options) and this may be related to the prospect of remaining in the same house for the remaining term of your mortgage