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Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

(Gazumping)

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This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

Existing endowments can be used to support a new mortgage with any ‘additional lending’ over the value of the projected maturity balance being covered on a repayment basis or with an alternative repayment vehicle

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

Remember, it is your responsibility to get the correct sum insured

Commonly these will be between 3 and 3

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

If significant defects are identified, the surveyor may suggest further investigation by an specialist

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

3% of the loan

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

This is the rate that they apply to all their borrowers before making adjustments for any special offers that may be available at the time and should be examined in every case before making the final decision regarding the choice of lender

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

The philosophy behind this type of mortgage is that all your money reduces the outstanding balance on your mortgage, and, as the interest is calculated daily, your interest payments are correspondingly reduced

Absolute title Having absolute title on a property means that you have full rights and ownership relating to the property

Agricultural Covenant A planning covenant that allows the construction of a residential dwelling provided it is to be occupied by a person employed or associated with working on the land. Properties such as this tend to attract a lower value, as they can only be sold to another person in similar circumstance unless the covenant is lifted. Annual bonus A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis

What limitations apply to your current mortgage rate