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Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

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

Ability to benefit from rate cuts as they occur

The plan holder can then draw a pension from the balance of the fund

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

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 amounts can range from a flat fee e

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

Including gas and electric suppliers and insurance companies etc

Ensure that you know how the settlement figure is made up

Capped mortgage Capped mortgages have a limit to any increases in the variable rate, for a selected period of time

Each year the original capital sum will remain outstanding

The costs will be greater for house purchase than for remortgage

The cost of this is therefore to be taken into account when selecting a lender

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

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

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Note that even after repossession the former borrower will remain liable for any sums owing (shortfall between selling price and mortgage outstanding plus arrears, lenders legal costs and any other charges applied to the mortgage) and can be pursued by the insurance company for payment at a subsequent date

The amount is usually measured in either pounds or months

Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

An arrangement fee is typically charged on completion of the mortgage

Contents Insurance Home contents insurance protects your possessions against loss, damage and theft

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

For example, the variable rate may be 5% with a discount of 1

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

Making an offer in its self is a simple process, but getting the price you want or simply securing your ideal home may require a bit more determination and skill on your behalf

If a redemption fee does apply, all is not lost