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5% of the value of the property for your conveyancing

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Current Account Mortgage (CAM)

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

On this subject see ‘No Redemption’ and ‘No Overhang’ below

The law on moveables is quite complex

Suitability: A fixed rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Larger borrowings

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

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

FLEXIBLE / LIFESTYLE MORTGAGES CURRENT ACCOUNT MORTGAGE (CAM) CASHBACK FREE LEGALS OR CONTRIBUTION TOWARDS CONVEYANCING COSTS FREE VALUATION OR REFUND OF VALUATION FEE OTHER BENEFITS Flexible / Lifestyle Mortgages A Flexible or ‘lifestyle’ mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary

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

Should your lender waver or reduce the redemption fee then it is likely that it would be on condition of keeping your business with them

Negotiating face to face can be a very effective tactic

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

These bonuses termed either annual or reversionary cannot be taken away

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

In return for an annual or monthly premium the insurance company will cover the cost of replacing or repairing an item that is lost, stolen or damaged

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

With discount mortgages borrowers need to watch out for ‘payment shock’

The definition of income may also change from one mortgage provider to the next

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

Alternatively, you may be seeking the security of a guaranteed mortgage rate which will provide peace of mind by ensuring that your monthly mortgage payments do not fluctuate

By stating this you are not obligated to proceed until the conclusion of the survey and the exchange of signed contracts

Some will allow for bonuses and some will only allow 50% of bonus

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling