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Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

You can choose cover according to your needs

Prior to making the decision to remortgage it is important to establish a number of basic facts or the benefit of your remortgage may be significantly reduced by penalties imposed by your current lender

Your solicitor should be able to advise you on the current search time

The Maxi individual savings accounts combine three basic elements in one plan, with a limit of £5,000 (£7,000 in the current tax year) being placed on the investment

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Each year the amount owed will decline

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

Arrangement fees Arrangement fees are normally charged by the lender for reserving a discounted or fixed interest rate mortgage for a given period of time

Be precise when filling out the registration forms

Find out what else is included in the sale

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

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

Remember, it is your responsibility to get the correct sum insured

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

Most recent mortgage statement or a redemption statement from your lender

What the search should highlight Any Planning notices

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

The lender can give you a settlement figure, normally over the phone

Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

a £47,500 mortgage on a purchase price / valuation of £50,000 would result in a £750 charge on a typical MIG charge of 7

Switching between provider can only be completed on an annual basis and penalties may be incurred

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