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Detailed below is a quick checklist of information we would suggest you have at your fingertips when considering moving your mortgage: What is your current interest rate? The amount of your monthly payments

Lenders now offer insurance policies that pay mortgage bills for around a year if you lose your job

Without going into detail to explain this feature the up-shot is that over-paying the mortgage on a monthly or regular basis, even by a relatively small amount, will reduce your mortgage term by years (hence saving payments)

The definition of income may also change from one mortgage provider to the next

Read all the details on the specification sheet

If added to the loan then interest is charged over the duration of the loan

With discount mortgages borrowers need to watch out for ‘payment shock’

The potential for your rate to reduce unlike the fixed rate mortgage

The flexible mortgage concept was imported from Australia so occasionally you may hear them referred to as ‘Aussie style mortgages’

How we can Help Obviously prior to making any decisions comparisons from other providers should be obtained

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

A previous buyer will only be too happy to get some of the survey costs back

This type of mortgage is often taken out in conjunction with other offers such as cashbacks

g Loans for holidays may be restricted to a 12 or 24 month term)

It is vital therefore that you discuss this complex area with an adviser as in many circumstances a more competitive rate may be available form a lender who will be more sympathetic to your particular circumstances

Title searches at the Land Registry will also be carried out

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

Some plans are tax-efficient

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

ADVANTAGES If the proceeds of the plans exceed the amount required to repay the mortgage, then this is received as a cash lump sum by the borrower

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk