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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

All lenders will insist on Buildings Insurance as the very minimum

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

The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

insurance and finance

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Alternatively the title deeds will be sent to the mortgage lender in the case of raising finance for the purchase

Completion Completion is the final stage of the mortgage process and occurs when the solicitor or conveyancer dealing with the purchase or remortgage is in a position to receive the mortgage funds. Daily Interest Here, the interest rate is calculated on a daily basis. By calculating and charging interest on the balance outstanding at the end of each day, you can get an immediate benefit from any payments of capital. Interest is compounded daily. It does however mean that if you miss or are late with any payments, interest will accrue immediately on the outstanding amount.

Ask about the sellers position

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)

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates

If remedial work is required ask the owner if they have had any quotes

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

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

Buildings survey Also known as a structural survey

This may be due to a number of factors, but mainly occurs due to the condition of the property

Outline information is available free of charge, by entering a postcode

This may have the effect of reducing the length of time it takes to repay your mortgage