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Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

Exposure to interest rate rises

4 weeks to go Arrange buildings insurance for your new home to commence on exchange of contracts. Check that your home contents are adequately insured (transit insurance) during the move. Start to use up food from your freezer. Contact the telephone company to organise reconnection or installation of a line. Book time off work. Make special arrangements for pets and remember that they often find moving home stressful!

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

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

If the property was purchased outright, the buyer keeps the deeds

Once the ruling has taken place it will be recorded against the persons credit history and will appear every time a credit search is done for the next seven years

The initial pay rate would therefore be 3

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

Disadvantages: The final value of the policy may not be entirely sufficient to repay your mortgage or the monthly premium may have to be increased later on in the term of the mortgage to compensate for poor returns

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

This is a fantastic time saver

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

At least you then have the information regarding how the seller would rather proceed

The period of borrowing is in excess of say 12 years

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

The area of self-certification mortgages is a relatively new one which is proving popular due to the changing working environment

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

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

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

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

In many cases if approached sensibly, a happy medium can be reached

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate