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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

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

It provides no benefit to you, it is for the lenders protection only

Setting the completion date The standard time between exchange of contracts and completion is four weeks

The seller in turn will most likely invite you to make an offer on or before a closing date

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

The law on moveables is quite complex

Assuming that you have your financial preparations in place (a mortgage in principle)

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

Some plans are tax-efficient

You may also speak to the seller directly

Pay particular attention to buildings insurance

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

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

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

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

If any adverse comments on structure or conditions arise then it is wise to obtain quotations on any remedial work required

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

This will vary between lenders and products

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

It is common practice for lenders to pass this charge on to the borrower

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

One other factor on which there is a debate as to how it will be treated is the aspect of adverse credit details

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts