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The period an Early Redemption Charge applies can vary

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term

It may also give you a good indication regarding the seriousness of intent to sell

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

Without an appraisal, it is going to be difficult to plan ahead

Each year the original capital sum will remain outstanding

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

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

We specialise in helping people who find it difficult to obtain a mortgage or loan

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

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

With this type of mortgage, only the interest is paid off with each mortgage payment

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

If so, ask how they were damaged or why replaced

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

More detailed reports are also available for a small fee

The Mortgage Code The mortgage code provides protection for the borrower and sets out minimum standards which mortgage intermediaries and lenders should meet