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the mortgage balance minus the positive balance held in the current account

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

Disadvantages: In the first few years of the loan the largest proportion of your regular monthly payment goes to pay off interest – the balance outstanding is hardly reduced at all

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

If negotiation is required, these offers and counter offers are known as missives

£200 to a percentage of the loan e

Other factors may well be involved

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

This is an excellent option for the self employed

Regular checking of the policy fund itself by the borrower and the lender should minimise any risk

12 weeks to go Try starting a notebook to record details

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

Under the terms of The Mortgage Code of Practice the lender will, before a mortgage applicant takes a mortgage, provide a tariff covering the repayment of the mortgage, including charges and additional interest costs payable in the vent of arrears and will advise of any other charges for services before or when the service is provided

The money is then paid back to the Lender over a fixed period of time together with accrued interest

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

The opportunity to take payment holidays without incurring large penalties

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

Initial property enquiries This is where much time involved in selling and buying is wasted

Endowments provide life assurance so that in the event of death the mortgage is paid off

More detailed reports are also available for a small fee

At anytime of the day or night

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

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

After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

29% 2 year fixed fee free, no extended ties