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Your solicitor will also be checking the exact description of the property and any title burdens

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Most insurance companies will have extended buildings cover options which are well worth considering

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

Life assurance cover is not always necessary in taking out this type of mortgage

A number of these flexible mortgages may also offer the ability to operate your mortgage account as a bank account with the option to make withdrawals in certain circumstances

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

Regular checking of the policy fund itself by the borrower and the lender should minimise any risk

Indeed with enough credit you can take a payment holiday

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

In summary you will find numerous different methods of calculating the maximum LTV but the figure once stated is usually non-negotiable

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

There is potential for higher returns than endowments