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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

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

Possibility of losing out should interest rates fall below your agreed rate

Know which location/s you prefer

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

This can lead to an individual paying interest on a mortgage for in excess of 25 years, which is generally an unnecessary expense

A single payment is made to your lender each month covering both the interest charged on the loan as well as the repayment of the outstanding capital

There are two basic types of endowment policy – the with profits version and the unit linked version

In such cases there are three possible routes of action that may be of help

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

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

This may cover issues such as disputes with neighbours

You do not mind taking some degree of financial risk

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

This will depend on future investment performance

Once all documentation is in order (after checking with you and your lender) the solicitor will send the title deeds for recording in the Register of Sassines or registration in the Land Register of Scotland

The fixed payments are based on the amount of the loan together with the mortgage term and are designed so that, at maturity, the amount invested and earnings are sufficient to pay off the mortgage

Discounted mortgage With a discounted mortgage, lenders offer a discount on the standard variable rate for a specified term