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

All mortgage lenders require an official search to be carried out

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

There are limits applied to all contributions

Gazundering Gazundering is when the buyer refuses to go ahead with the sale unless the price is reduced. There is nothing the seller can do about this apart from negotiate on the price or lose the sale - and possibly the house they are in the process of purchasing. In such situations any estate agent worth their salt will do their best to negotiate on your behalf, or failing that, will attempt to find you a suitable new buyer with all possible haste. Fortunately, it is rare to come across gazundering but in a slow housing market it is more likely to occur as prices may be falling.

Buy To Let Mortgage Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment.

In England and Wales a survey is normally made after the offer has been accept subject to contract

Another form of insurance is Mortgage Indemnity Guarantee

A capped rate mortgage is very similar to a fixed except that if the variable rate drops below the capped rate, the borrower will make payments based on the lower variable rate

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

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

Your mortgage lender will insist on a property survey before approving your mortgage

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

Disadvantages: Generally the rate will not be competitive in relation to the market

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional

Before the exchange of contracts, you will have to agree on a date for completion of purchase

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

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