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At the end of the policy term there will be a final one off bonus called the terminal bonus which may in some instances represent a large proportion of the borrowers final pay out

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

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

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

Exposure to interest rate rises

Avoidance of early redemption penalties

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

If the property was purchased outright, the buyer keeps the deeds

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

This may reveal other factors that will not appear on any formal search

3% of the loan

Contrary to popular believe, lenders can be flexible

Whereas in Scotland, the survey is completed before making a formal offer

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

The purpose of the search is to discover if there are plans for nearby development that could potentially affect the property

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

First time buyers looking for security during the first few years of setting up home

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

Self Certification Mortgages

An arrangement fee is typically charged on completion of the mortgage

Be prepared

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

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

Free Valuation or Refund of Valuation A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes

Each case should be taken on its own merits

STEP 2 - HOW DO I APPLY? Lending institutions offer you the option of applying for your personal loan either in person at a branch, via a written application, over the telephone or online

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

The main thing to do is your homework and seek specific advice relating to your circumstances from a qualified professional