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Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

Title Deeds Title Deeds consist of a pack of legal documents, which a lender holds for the duration of the mortgage as security against the loan. The documents include who owns the legal title to the property and land, the results of solicitors’ searches and a map of the property with the legal boundaries defined.

Tracker Mortgage A Tracker Mortgage is linked to a benchmark interest rate, such as the Bank of England base rate. This is usually only for a set period of time. The rate you pay moves up and down in line with the benchmark selected. At the end of the set period, the Standard Variable Rate normally applies

Typically as a first time buyer you may have less deposit at your disposal and may be seeking cheaper mortgage rates in the earlier years

If the variable rate rose to say, 6%, then the rate payable would rise to 4

Proceedings relating to any infringement of building regulations

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

the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

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The typical cost is £50 to £100 and the search is conducted by a solicitor

In such cases the lender may decline the advance, restrict the amount they are prepared to lend or place conditions on the advance

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

However in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

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

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