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If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Personal Possessions (including cash) on an all risk basis, in and outside the home

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

There is no guarantee with this type of mortgage

Demand for housing is higher than the property available

The amount provided by the investment product cannot normally be guaranteed

All lenders will insist on Buildings Insurance as the very minimum

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

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

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

Most agents are pretty determined in their approach and will be interested in selling you more than a property

A booking fee will normally be required with the application form

The area of self-certification mortgages is a relatively new one which is proving popular due to the changing working environment

The main benefit of flexible mortgages is that many schemes are offered on a Daily or Monthly Interest Calculation basis (sometimes referred to as ‘daily rest’ or ‘monthly rest’)

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

Your local agent can give you a good idea here

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage