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If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost Łthousands (6 months interest is common) depending on the lender and scheme

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

A flexible mortgage linked to a current account

Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

Existing endowments can be used to support a new mortgage with any ‘additional lending’ over the value of the projected maturity balance being covered on a repayment basis or with an alternative repayment vehicle

the mortgage has to be held for a number of years before the lender breaks into profit

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

The market conditions are in your favour (see details above)

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

It is important to note that this is not an official search

Each case should be taken on its own merits

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income