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This policy is designed to offer income protection against unemployment, sickness and redundancy

Disadvantages: It is highly debatable as to whether or not it is wise to use a proportion of your retirement savings to pay off your mortgage

Buyers Market

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

The skilled agent will ask a series of questions that determine how serious you are, what properties will be of interest, what else they can sell to you and how quickly they can do it

Find out what else is included in the sale

A previous buyer will only be too happy to get some of the survey costs back

Disadvantages: Associated redemption penalties are restrictive

Anywhere between 1% and 12% cashback has been available

It is possible that your investment may provide a surplus lump sum or pay off your mortgage early

If the plan is not reaching its expected target, the borrower can increase payments into the policy or invest in another product to cover any anticipated shortfall

In addition the interest rate charged is often lower than the usual Standard Variable Rates charged by the other more ‘traditional’ mortgage lenders

In particular, they provide details of county court judgements, defaults and any existing credit agreements, along with information relating to the electoral roll and your past credit history

5%

For more information see: Valuations and surveys Removal costs Removal costs vary according to whether your using a removal firm or doing-it-yourself

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

The market conditions are in your favour (see details above)

Outline Information is available free of charge, by entering a postcode

For a mortgage secured on a property, insurance may be required

In many cases, lenders offer different rates depending on the method by which you apply

The Internet is an extremely useful tool, but as with anything else there are ways to get the best from it

Redemption fees If you already have a mortgage on your existing property then it is possible that a redemption fee may apply