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

Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

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

The seller needs to move fast

a) Inform the vendor/agent about the dilemma to see if an agreement can be made regarding a reduction in the sale price

3% of the loan

If you, your solicitor and your lender are happy with the survey then your solicitor can make a formal offer

The inspection is limited to comparing the price being paid against similar property in the area and checking the general condition and location of the property

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

It will not protect you to the same degree, but if speed is of the essence, it can save weeks

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

There has been a previous price reduction on the property

This can save hours of waiting on the phone trying to get to speak to your conveyancer

As a result a lender may restrict the amount they are prepared to advance or place conditions on the advance

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

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

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

Many lenders now offer specialist buy to let mortgages that allow private landlords to fix their interest payments for five years or more, providing you with some security over mortgage funding costs