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

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

Considering the current market conditions Excluding the property itself, the current condition of the national market is a significant factor in the process of negotiation

Buy to Let Mortgages

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

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

1 week to go Pay all local milk/paper bills. Cancel any services, e.g. window cleaner, milkman, newspaper delivery. Return videos/library books/pick up dry-cleaning. Drain petrol/oil from any garden equipment. Prepare directions for removals company. Confirm final details with them and include contact/mobile numbers for you throughout the day. Make sure all the utilities at your new home will be fully functional for when you move in.

Surveys come in three forms: Valuations, usually undertaken by the lender

Exposure to interest rate rises

Some sites are also offering information about local schools, crime rates, and average property prices

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

Generally anything between 1 and 25 year fixed rates are available

Noise abatement orders

They are not available for business purposes and some other uses may also be excluded, for example the purchase of timeshare properties

First time buyers looking for security during the first few years of setting up home

Contrary to popular believe, lenders can be flexible

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

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

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

Why indexed linked? - As time goes by, the rebuild and repair costs of any property damage are likely to increase, thus if the sum insured does not rise in relation to these, you will end up being under insured

We have a Support Team who can be contacted by telephone should you require any further assistance along the way

Many flexible mortgages come without any Early Redemption Charge so the borrower is not ‘locked-in’ to any particular lender

The lender can give you a settlement figure, normally over the phone

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages