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Suitability: The repayment mortgage option is suitable in a number of circumstances the most common being those identified below: You do not like to expose yourself to too many financial risks

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

However, most vendors are reluctant to take the hit on the full amount

You can choose cover according to your needs

This may have the effect of reducing the length of time it takes to repay your mortgage

Advantages: Cash payment may be useful to those utilising their savings as a deposit, to enable them to afford fixtures and fittings for the property

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

The seller is legally required to answer these enquiries honestly! But do they? We believe not always

A good starting point is to offer around 5% to 10% less than the asking price, although this greatly depends on market conditions

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

Borrowers with larger loans Remortgaging The Basics How we can help Information Required The Basics Becoming increasingly popular over the last ten years remortgaging is commonplace in today’s competitive mortgage market

Personal loans are repayable monthly

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

A Guide to Unsecured Personal Loans Unsecured personal loans are offered by lending institutions such as banks and building societies

g Loans for holidays may be restricted to a 12 or 24 month term)

Taking a look at the overall market conditions is essential, but we also suggest that you take a look at the local conditions

This protects the lender in case you do not repay the loan and your home has to be repossessed

As the discount is linked to the standard variable rate, the borrowers payments will increase, if rates rise – so there is no certainty in budgeting

Understandably this is due to protecting their investment

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

UK Pensions Advice

Mortgage Endowment Policies

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

This tends to be between £25 - £50 and may be avoided if enough objections were made

A seller may ask you to negotiate specific issues or accept your offer in full; In which case by Scottish Law you are fully committed to the purchase

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages