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UK Pensions Advice

It should also be noted that whilst a Maxi has a single investment manager for all three elements the Mini ISAs will have an individual manager per element therein

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

Especially if you are intending to take out a new loan or transfer your existing loan to another lender because they offer better rates or terms

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

Self-Build Mortgages This is a mortgage for applicants who are building their own property. The loan is usually released in stages as the building progresses.

Stamp duty Stamp Duty is a UK government based tax on properties bought throughout the UK. It becomes payable upon completion of your purchase and is normally paid through your conveyancer. more info: Current Fees

If for any reason your application is declined, may be able to direct your application to a provider who can help

5% on a normal lending limit of 75% loan to value

The lender can give you a settlement figure, normally over the phone

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

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

When the benefits are eventually taken, the mortgage is repaid using tax-free cash from the remainder of the fund

Assessments are generally made very quickly based on your personal circumstances

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

Cashback mortgage A Cashback mortgage provides you with an amount of cash upon commencement of the mortgage

on a particular day a borrower has a mortgage balance of £50,000 and has £2,000 held in the current account

For example, the variable rate may be 5% with a discount of 1

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

2% fees-free offset mortgage

You are not looking for a guarantee of repayment at the end of the mortgage term

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

Buildings survey Also known as a structural survey

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

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