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Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

With this type of mortgage, interest may be calculated on a daily or weekly basis

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Customers cashing-in an endowment policy in the first few years after inception can receive less than the amount invested

The second influence on the amount you can borrow is your current level of income

In return you usually agree to pay the variable rate charged by the bank or building society, for a specified term

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Other advantages of flexible mortgages are that payment holidays can be taken during the year and extra funds are normally available via a drawdown facility

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

The lender may permit over-payments and lump sum payments, which allow you to clear the loan over a shorter term than that agreed at the outset

If you are mortgaging the purchase of your property then the lender will make it a condition that you take out their Mortgage Indemnity Insurance

It is common practice for lenders to pass this charge on to the borrower

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

First Time Home Buyers Buying your first home can be a daunting proposition

Listed below are examples of some of the best deals around

Only one Maxi individual savings account may be held in any one tax year

Frequently individuals will move from job to job requiring alterations to be made to their retirement planning which may adversely affect their mortgage planning

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

At the end of the term, therefore, you will need to repay the capital

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

Ability to benefit from rate cuts as they occur

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

The freedom to make additional payments up to the annual limits

Dealing with adverse valuations Adverse valuations occur in certain instances where the valuation figure is lower than purchase price of the property

Individuals on tight budgets expecting wage increases over the first few years of the mortgage