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2% fees-free offset mortgage

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

These are known as regulated loans

Once the sellers conveyancer has received the funds, payment will be made to the sellers lenders to pay off any mortgage outstanding on the property

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.

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

Put the owner on the spot and see what reaction you get

It is common practice for lenders to pass this charge on to the borrower

The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed

Solicitors require at least 7-10 days to release the necessary funds

Equally, you may consider whether the most suitable mortgage vehicle for the future would be a repayment or interest only mortgage (see our Guide to your Mortgage Repayment Options) and this may be related to the prospect of remaining in the same house for the remaining term of your mortgage

Check the plumbing and wiring

This is covered above

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In certain instances the valuation figure returned by the surveyor may not equal the purchase price

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

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage

This is the rate that they apply to all their borrowers before making adjustments for any special offers that may be available at the time and should be examined in every case before making the final decision regarding the choice of lender

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

Sewers and drainage

At this point a survey will need to be arranged so that a firm and informed offer may be made

Negotiation with a lender is possible

This could end up saving you time and money

The money is then paid back to the Lender over a fixed period of time together with accrued interest

Disadvantages: Unexpected increases in payments at term end

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

The process of registration is usually conducted via a solicitor

If using a removal firm we suggest obtaining several quotes first

Suitability: An endowment policy is the most suitable option in a number of circumstances the most common being those identified below: You are a higher rate taxpayer and have utilised all your annual ISA allowance