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The Maxi individual savings accounts combine three basic elements in one plan, with a limit of £5,000 (£7,000 in the current tax year) being placed on the investment

Disadvantages: Unexpected increases in payments at term end

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

Be aware that making an offer may have legal consequences for you

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

Suitability: A variable rate mortgage is the most suitable option in a limited number of circumstances the most common being those identified below: Individuals borrowing money over the very short term anticipating repaying the loan early and not wishing to incur redemption penalties on all or part of the loan

Note any parking facilities or restrictions

Discounted Rate Mortgage

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

Fixed Rate Mortgage

This final bonus is not guaranteed in any way

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

Capped Rate Mortgage

All mortgage lenders require an official search to be carried out

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

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

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

Obtaining quotes for conveyancing is simple

This will depend on future investment performance

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

Searches are often one of the major causes of time delay

Contrary to popular believe, lenders can be flexible

The borrower remains liable for any shortfall on the mortgage hence the outstanding balance will need to be paid off from other resources

A booking fee is paid to reserve funds on a mortgage product that has limited funds available e

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

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

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

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

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)