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Payment holidays are permitted

Lenders may offer payment breaks or repayment holidays as part of their personal loan package and these allow you to take a break from your repayments at the beginning of the loan or at any agreed point during the term

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

If you have any doubts check with the lender

There are two main factors that influence the amount you are able to borrow

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

This possibility alone was enough to dissuade many people from becoming private landlords in the past

the mortgage balance minus the positive balance held in the current account

If so, be bold and ask to see them

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

The valuation does not represent a detailed inspection

So make sure you get the facts

The above mortgage products may have other criteria which will require evaluation before deciding if the product is suitable for an individual

Capped Rate Mortgage

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

This is also particularly relevant in the case of sealed bids