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Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

2% fees-free offset mortgage

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

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

The costs will be greater for house purchase than for remortgage

Although directly related to interest rates it can be slightly more expensive than the interest only options, even allowing for the investment vehicle payments

Base Rate The standard rate of interest set by the Bank of England which all lenders generally follow.

You only get this if you qualify for income support

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

Having a mortgage in principle means you should be able get the actual mortgage quicker when the race to buy your chosen home begins

Conditional planning permissions granted

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

Location, location, location What local amenities are there? What are the local schools like? - A good school catchment area may effect property value

Again, as with fixed rates, up-front charges and ‘lock-ins’ are common

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

b) If you are able to afford the remedial work over a staged period after completion, then consult the lender or broker to discuss staged release payments

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

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

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

On your mortgage statement, normally received annually, you will see that the amount borrowed decreases throughout the term

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

Negotiation with a lender is possible

Are there any guarantees not held with the title deeds? i

If you are not happy with the answer, investigate further or walk away

Variable rate mortgages Most lenders have a set rate of interest known as the standard variable rate which they adjust as the Bank of England increases or lowers interest rates

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

UK Pensions Advice

This can save hours of waiting on the phone trying to get to speak to your conveyancer

Valuations and mortgage reports Note, a valuation is not a survey